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Hasbro (HAS)

Cover

Cover - shares6 Months Ended
Jun. 27, 2021Jul. 26, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJun. 27,
2021
Document Transition Reportfalse
Entity File Number1-6682
Entity Registrant NameHASBRO, INC.
Entity Incorporation, State or Country CodeRI
Entity Tax Identification Number05-0155090
Entity Address, Address Line One1027 Newport Avenue
Entity Address, City or TownPawtucket,
Entity Address, State or ProvinceRI
Entity Address, Postal Zip Code02861
City Area Code401
Local Phone Number431-8697
Title of 12(b) SecurityCommon Stock, $0.50 par value per share
Trading SymbolHAS
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding (in shares)137,683,075
Entity Central Index Key0000046080
Current Fiscal Year End Date--12-26
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Amendment Flagfalse

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Current assets
Cash and cash equivalents including restricted cash of $83.1 million, $71.9 million and $73.2 million $ 1,228.2 $ 1,449.7 $ 1,038
Accounts receivable, less allowance for doubtful accounts of $30.5 million, $28.0 million and $28.1 million865.9 1,391.7 911.3
Inventories499.6 395.6 564.2
Prepaid expenses and other current assets543.2 609.6 672.2
Assets held for sale479.5 0 0
Total current assets3,616.4 3,846.6 3,185.7
Property, plant and equipment, less accumulated depreciation of $589.1 million, $528.2 million and $553.0 million466.2 489 482.2
Other assets
Goodwill3,420.8 3,691.7 3,666
Other intangible assets, net of accumulated amortization of $1,002.5 million, $855.0 million and $964.6 million1,248.3 1,530.8 1,559.1
Other1,350.5 1,260.2 1,329.1
Total other assets6,019.6 6,482.7 6,554.2
Total assets10,102.2 10,818.3 10,222.1
Current liabilities
Short-term borrowings0.8 6.6 6.4
Current portion of long-term debt189.6 432.6 378.6
Accounts payable382.4 425.5 335.2
Accrued liabilities1,396.5 1,538.6 1,261.4
Liabilities held for sale76.3 0 0
Total current liabilities2,045.6 2,403.3 1,981.6
Long-term debt4,388.7 4,660 4,802.5
Other Liabilities, Noncurrent753 793.9 771.7
Total liabilities7,187.3 7,857.2 7,555.8
Redeemable noncontrolling interests24.5 24.4 24.1
Shareholders' equity
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued0 0 0
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at June 27, 2021, June 28, 2020, and December 27, 2020110.1 110.1 110.1
Additional paid-in capital2,361.2 2,329.1 2,297.3
Retained earnings4,110.3 4,204.2 4,064.8
Accumulated other comprehensive loss(183.5)(195)(308.1)
Treasury stock, at cost; 82,617,426 shares at June 27, 2021; 83,264,365 shares at June 28, 2020; and 82,979,403 shares at December 27, 2020(3,547.6)(3,551.7)(3,560)
Noncontrolling interests39.9 40 38.1
Total shareholders' equity2,890.4 2,936.7 2,642.2
Total liabilities, noncontrolling interests and shareholders' equity $ 10,102.2 $ 10,818.3 $ 10,222.1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
ASSETS
Restricted cash $ 83.1 $ 73.2 $ 71.9
Accounts receivable, allowance for doubtful accounts30.5 28.1 28
Property, plant and equipment, accumulated depreciation589.1 553 528.2
Other intangibles, accumulated amortization $ 1,002.5 $ 964.6 $ 855
Preference stock, par value (in dollars per share) $ 2.50 $ 2.50 $ 2.50
Preference stock, authorized shares (in shares)5,000,000 5,000,000 5,000,000
Preference stock, issued (in shares)0 0 0
Common stock, par value (in dollars per share) $ 0.50 $ 0.50 $ 0.50
Common stock, authorized shares (in shares)600,000,000 600,000,000 600,000,000
Common stock, issued (in shares)220,286,736 220,286,736 220,286,736
Treasury stock (in shares)82,617,426 82,979,403 83,264,365

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Income Statement [Abstract]
Net revenues $ 1,322.2 $ 860.3 $ 2,437 $ 1,965.9
Costs and expenses:
Cost of sales345 253.2 634.9 515.9
Program cost amortization110.7 50.6 208.2 182.8
Royalties111.5 97.4 220.4 210.2
Product development87.2 58.4 149 112.2
Advertising105.4 72.3 193.3 174
Amortization of intangibles29.7 34.7 62.6 71.5
Loss on assets held for sale101.8 0 101.8 0
Selling, distribution and administration354.3 281.2 642.9 560.3
Acquisition and related costs0 10.3 0 160.1
Total costs and expenses1,245.6 858.1 2,213.1 1,987
Operating profit (loss)76.6 2.2 223.9 (21.1)
Non-operating expense (income):
Interest expense46.1 49.6 94 104.3
Interest income(1.2)(0.9)(2.4)(5.6)
Other income, net(9.4)(2.8)(38.3)(4.1)
Total non-operating expense, net35.5 45.9 53.3 94.6
Earnings (loss) before income taxes41.1 (43.7)170.6 (115.7)
Income tax expense (benefit)63 (10.8)75 (14.9)
Net earnings (loss)(21.9)(32.9)95.6 (100.8)
Net earnings attributable to noncontrolling interests1 1 2.3 2.8
Net earnings (loss) attributable to Hasbro, Inc. $ (22.9) $ (33.9) $ 93.3 $ (103.6)
Net earnings (loss) per common share:
Basic (in dollars per share) $ (0.17) $ (0.25) $ 0.68 $ (0.75)
Diluted (in dollars per share)(0.17)(0.25)0.68(0.75)
Cash dividends declared per common share (in dollars per share) $ 0.68 $ 0.68 $ 1.36 $ 1.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss) $ (21.9) $ (32.9) $ 95.6 $ (100.8)
Other comprehensive earnings (losses):
Foreign currency translation adjustments, net of tax24 (7.1)7.9 (139)
Unrealized holding gains on available-for-sale securities, net of tax0.1 2.5 0.2 2.1
Net (losses) gains on cash flow hedging activities, net of tax(3.2)(3.7)2.4 21.3
Reclassifications to earnings, net of tax:
Net gains (losses) on cash flow hedging activities1.8 (5.3)0.6 (8.9)
Amortization of unrecognized pension and postretirement amounts0.2 0.3 0.4 0.6
Total other comprehensive earnings (loss), net of tax22.9 (13.3)11.5 (123.9)
Total comprehensive earnings attributable to noncontrolling interests1 1 2.3 2.8
Total comprehensive earnings (loss) attributable to Hasbro, Inc. $ 0 $ (47.2) $ 104.8 $ (227.5)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Jun. 28, 2020
Statement of Cash Flows [Abstract]
Net earnings (loss) $ 95.6 $ (100.8)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of plant and equipment67.6 56.6
Amortization of intangibles62.6 71.5
Asset impairments0 40.9
Loss on assets held for sale101.8 0
Program cost amortization208.2 182.8
Deferred income taxes43.6 (11.1)
Stock-based compensation37.1 26.1
Other non-cash items0.2 0
Change in operating assets and liabilities net of acquired balances:
Decrease in accounts receivable533.9 722
Increase in inventories(109.5)(125.4)
Decrease (increase) in prepaid expenses and other current assets38.8 (40.2)
Program spend, net(308.3)(220.4)
Decrease in accounts payable and accrued liabilities(169.3)(344.4)
Change in net deemed repatriation tax(18.4)0
Other(6.8)0.6
Net cash provided by operating activities577.1 258.2
Cash flows from investing activities:
Additions to property, plant and equipment(63.1)(64)
Acquisitions, net of cash acquired0 (4,403.9)
Other(3.2)13.1
Net cash utilized by investing activities(66.3)(4,454.8)
Cash flows from financing activities:
Proceeds from borrowings with maturity greater than three months114.7 1,023.5
Repayments of borrowings with maturity greater than three months(635)(98.2)
Net repayments of other short-term borrowings(6.3)(4.5)
Stock-based compensation transactions9.4 1.8
Dividends paid(187.5)(186.2)
Payments related to tax withholding for share-based compensation(9.5)(5.7)
Redemption of equity instruments0 (47.4)
Other(4.2)(4.8)
Net cash (utilized) provided by financing activities(718.4)678.5
Effect of exchange rate changes on cash4.3 (24.4)
Net decrease in cash, cash equivalents and restricted cash(203.3)(3,542.5)
Net change due to cash classified as held for sale(18.2)0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total(221.5)(3,542.5)
Cash, cash equivalents and restricted cash at beginning of year1,449.7 4,580.4
Cash, cash equivalents and restricted cash at end of period1,228.2 1,037.9
Cash paid during the period for:
Interest90.2 81.5
Income taxes $ 70.8 $ 30.4

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity and Redeemable Noncontrolling Interests - USD ($) $ in MillionsTotalCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive LossTreasury StockNoncontrolling Interests
Beginning balance at Dec. 29, 2019 $ 2,995.5 $ 110.1 $ 2,275.7 $ 4,354.6 $ (184.2) $ (3,560.7) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests related to acquisition of Entertainment One Ltd.38.6 38.6
Net earnings (loss) attributable to Hasbro, Inc.(103.6)(103.6)
Net earnings (loss) attributable to noncontrolling interests3 3
Other comprehensive earnings (loss)(123.9)(123.9)
Stock-based compensation transactions(3.8)(4.2)0.4
Stock-based compensation expense26.1 25.8 0.3
Dividends declared(186.2)(186.2)
Distributions paid to noncontrolling owners and other foreign exchange(3.5)(3.5)
Ending balance at Jun. 28, 20202,642.2 110.1 2,297.3 4,064.8 (308.1)(3,560)38.1
Beginning balance at Dec. 29, 20190
Increase (Decrease) in Temporary Equity [Roll Forward]
Net earnings (loss) attributable to noncontrolling interests(0.1)
Noncontrolling interests related to acquisition of Entertainment One Ltd.26.2
Distributions paid to noncontrolling owners and other foreign exchange(2)
Ending balance at Jun. 28, 202024.1
Beginning balance at Mar. 29, 20202,764.5 110.1 2,282.4 4,191.8 (294.8)(3,560.3)35.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests related to acquisition of Entertainment One Ltd.(1.4)(1.4)
Net earnings (loss) attributable to Hasbro, Inc.(33.9)(33.9)
Net earnings (loss) attributable to noncontrolling interests1 1
Other comprehensive earnings (loss)(13.3)(13.3)
Stock-based compensation transactions(0.3)(0.3)
Stock-based compensation expense15.5 15.2 0.3
Dividends declared(93.1)(93.1)
Distributions paid to noncontrolling owners and other foreign exchange3.2 3.2
Ending balance at Jun. 28, 20202,642.2 110.1 2,297.3 4,064.8 (308.1)(3,560)38.1
Beginning balance at Mar. 29, 202026
Increase (Decrease) in Temporary Equity [Roll Forward]
Noncontrolling interests related to acquisition of Entertainment One Ltd.2.6
Distributions paid to noncontrolling owners and other foreign exchange(4.5)
Ending balance at Jun. 28, 202024.1
Beginning balance at Dec. 27, 20202,936.7 110.1 2,329.1 4,204.2 (195)(3,551.7)40
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Hasbro, Inc.93.3 93.3
Net earnings (loss) attributable to noncontrolling interests2 2
Other comprehensive earnings (loss)11.5 11.5
Stock-based compensation transactions(0.2)(3.2)3
Stock-based compensation expense37.1 36 1.1
Dividends declared(187.2)(187.2)
Distributions paid to noncontrolling owners and other foreign exchange(2.8)(0.7)(2.1)
Ending balance at Jun. 27, 20212,890.4 110.1 2,361.2 4,110.3 (183.5)(3,547.6)39.9
Beginning balance at Dec. 27, 202024.4
Increase (Decrease) in Temporary Equity [Roll Forward]
Net earnings (loss) attributable to noncontrolling interests0.3
Distributions paid to noncontrolling owners and other foreign exchange(0.2)
Ending balance at Jun. 27, 202124.5
Beginning balance at Mar. 28, 20212,959.9 110.1 2,339.6 4,226.8 (206.4)(3,550.6)40.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss) attributable to Hasbro, Inc.(22.9)(22.9)
Net earnings (loss) attributable to noncontrolling interests0.7 0.7
Other comprehensive earnings (loss)22.9 22.9
Stock-based compensation transactions4.5 2.6 1.9
Stock-based compensation expense20.4 19.3 1.1
Dividends declared(93.6)(93.6)
Distributions paid to noncontrolling owners and other foreign exchange(1.5)(0.3)(1.2)
Ending balance at Jun. 27, 20212,890.4 $ 110.1 $ 2,361.2 $ 4,110.3 $ (183.5) $ (3,547.6) $ 39.9
Beginning balance at Mar. 28, 202124
Increase (Decrease) in Temporary Equity [Roll Forward]
Net earnings (loss) attributable to noncontrolling interests0.3
Distributions paid to noncontrolling owners and other foreign exchange0.2
Ending balance at Jun. 27, 2021 $ 24.5

Basis of Presentation

Basis of Presentation6 Months Ended
Jun. 27, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Company") as of June 27, 2021 and June 28, 2020, and the results of its operations and cash flows and shareholders' equity for the periods then ended in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates. The quarters ended June 27, 2021 and June 28, 2020 were each 13-week periods. The six-month periods ended June 27, 2021 and June 28, 2020 were each 26-week periods. The results of operations for the quarter ended June 27, 2021 are not necessarily indicative of results to be expected for the full year 2021, nor were those of the comparable 2020 period representative of those actually experienced for the full year 2020. Segment Realignment Beginning with the first quarter of 2021, the Company realigned its financial reporting segments and business units, in order to align its reportable segments more closely with its current business structure. Reclassifications of certain prior year financial information has been made to conform to the current-year presentation. None of the changes impact the Company's previously reported consolidated net revenue, operating profits (losses), net earnings (losses) or net earnings (losses) per share. See Note 14 for more information on the Company’s 2021 segment realignment. Legal Settlement During the first quarter of 2021, the Company realized a gain of $25.6 million from a legal settlement related to a dispute associated with historical Entertainment One Ltd. ("eOne") foreign exchange hedging activities. The gain is included in other income, net within the Company's consolidated financial statements, included in Part I of this Form 10-Q. Significant Accounting Policies The Company's significant accounting policies are summarized in Note 1 to the consolidated financial statements included in the Company's Form 10-K for the year ended December 27, 2020. These consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company filed with the SEC audited consolidated financial statements for the fiscal year ended December 27, 2020 in its Annual Report on Form 10-K ("2020 Form 10-K"), which includes all such information and disclosures and, accordingly, should be read in conjunction with the financial information included herein. Recently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update No. 2018-14 (ASU 2018-14) Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20)- Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2020, and early adoption is permitted. The Company adopted the standard in the first quarter of 2021 and the adoption of the standard did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update No. 2019-12 (ASU 2019-12), Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update remove certain exceptions for performing intra-period tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted the standard in the first quarter of 2021 and the adoption of the standard did not have a material impact on its consolidated financial statements. Issued Accounting Pronouncements In March of 2020, the FASB issued Accounting Standards Update No. 2020-04 (ASU 2020-04) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions, for a limited period of time, to ease the potential burden of recognizing the effects of reference rate reform on financial reporting. The amendments in this update apply to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to the global transition away from LIBOR and certain other interbank offered rates. An entity may elect to apply the amendments provided by this update beginning March 12, 2020 through December 31, 2022. The Company does not currently expect the change from LIBOR to an alternate rate to have a material impact on its consolidated financial statements, and is continuing to evaluate the standard's potential impact to its consolidated financial statements.

Revenue Recognition

Revenue Recognition6 Months Ended
Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Revenue RecognitionRevenue Recognition Revenue Recognition Revenue is recognized when control of the promised goods or content is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or content. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Contract Assets and Liabilities Within our Consumer Products and Entertainment segments the Company may receive royalty payments from licensees in advance of the licensees’ subsequent sales to their customers, or in advance of the Company’s performance obligation being satisfied. In addition, the Company may receive payments from its digital gaming business in advance of the recognition of the revenues. The Company defers revenues on these advanced payments until its performance obligation is satisfied and records the aggregate deferred revenues as contract liabilities. The current portion of contract liabilities was recorded within Accrued Liabilities and the long-term portion was recorded as Other Non-current Liabilities in the Company’s consolidated balance sheets. The Company records contract assets in the case of (1) minimum guarantees, which are recognized ratably over the term of the respective license period, being recognized in advance of contractual invoicing, and (2) film and television distribution revenue recorded for content delivered but for which payment will occur over the license term. The current portion of contract assets was recorded in Prepaid Expenses and Other Current Assets, respectively, and the long-term portion was recorded as Other Long-Term Assets. At June 27, 2021, June 28, 2020 and December 27, 2020 the Company had the following contract assets and liabilities in its consolidated balance sheets: June 27, 2021 June 28, 2020 December 27, 2020 Assets Contract assets - current $ 257.9 $ 252.9 $ 284.4 Contract assets - long term 72.6 108.5 77.0 Total (1) $ 330.5 $ 361.4 $ 361.4 Liabilities Contract liabilities - current $ 174.7 $ 141.7 $ 161.0 Contract liabilities - long term 21.3 23.5 18.2 Total (1) $ 196.0 $ 165.2 $ 179.2 (1) For the six-month period ended June 27, 2021, contract assets of the eOne Music business in the amount of $29.0 million, which were previously classified under Prepaid Expenses and Other Current Assets and Other Long-Term Assets, have been transferred to Assets Held for Sale. Contract liabilities of the eOne Music business in the amount of $4.0 million, which were previously classified under Accrued Liabilities and Other Non-current Liabilities, have been transferred to Liabilities Held for Sale. For additional information, see Note 15. For the six months ended June 27, 2021, the Company collected $80.8 million of the contract assets and recognized $77.6 million of contract liabilities that were included in the December 27, 2020 balances. Unsatisfied performance obligations relate primarily to in-production television content to be delivered in the future under existing agreements with partnering content providers such as broadcasters, distributors, television networks and subscription video on demand services. As of June 27, 2021, unrecognized revenue attributable to unsatisfied performance obligations expected to be recognized in the future was $512.2 million. Of this amount, we expect to recognize approximately $363.5 million in the remainder of 2021, $122.9 million in 2022, and $19.8 million in 2023. These amounts include only fixed consideration. Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Entertainment, and Wizards of the Coast & Digital Gaming. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; and within its Entertainment segment by category: Film & TV, Family Brands, and Music. Finally, the Company disaggregates its revenues by brand portfolio into five brand categories: Franchise Brands, Partner Brands, Hasbro Gaming, Emerging Brands, and Entertainment. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 14 for further information.

Business Combination

Business Combination6 Months Ended
Jun. 27, 2021
Business Combination and Asset Acquisition [Abstract]
Business CombinationBusiness Combination On December 30, 2019, the Company completed its acquisition of Entertainment One Ltd. ("eOne"), a global independent studio that specializes in the development, acquisition, production, financing, distribution and sales of entertainment content. The aggregate purchase price of $4.6 billion was comprised of $3.8 billion of cash consideration for shares outstanding and $0.8 billion related to the redemption of eOne's outstanding senior secured notes and the payoff of eOne's revolving credit facility. The Company financed the acquisition with proceeds from the following debt and equity financings: (1) the issuance of senior unsecured notes in an aggregate principal amount of $2.4 billion in November 2019, (2) the issuance of 10.6 million shares of common stock at a public offering price of $95.00 per share in November 2019 (resulting in net proceeds of $975.2 million) and (3) $1.0 billion in term loans provided by a term loan agreement, which were borrowed on the date of closing. See Note 8 for further discussion of the issuance of the senior unsecured notes and term loan agreement. The addition of eOne accelerates the Company's brand blueprint strategy by expanding our brand portfolio with eOne's global preschool brands, adding proven TV and film expertise and executive leadership as well as by enhancing brand building capabilities and our storytelling capabilities to strengthen Hasbro brands. eOne's results of operations and financial position have been included in the Company's consolidated financial statements and accompanying condensed footnotes since the date of the acquisition. The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). Pursuant to Topic 805, the Company allocated the eOne purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, December 30, 2019. The excess of the purchase price over those fair values was recorded to goodwill. The following table summarizes the intangible assets acquired as part of the eOne Acquisition: Weighted Average Intangible assets acquired Amortization Period Fair Value Established brands 10 years $ 615.0 Trade names 15 years 100.0 Artist relationships 14 years 100.0 Music catalogs 12 years 120.0 Other 8 years 121.0 Total intangible assets acquired 11 years $ 1,056.0 Intangible assets consist of intellectual property associated with established brands, eOne artist relationships, eOne music catalogs and trademarks and tradenames with estimated useful lives ranging from 7 to 15 years, determined based on when the related cash flows are expected to be realized. The fair value of the intangible assets acquired was determined based on the estimated future cash flows to be generated from the acquired assets, considering assumptions related to contract renewal rates and estimated brand franchise revenue growth. eOne acquired intangible asset amortization expense for the quarter and six months ended June 27, 2021 were $21.8 million and $46.7 million, respectively. For the quarter and six months ended June 28, 2020, eOne acquired intangible asset amortization expense was $22.6 million and $47.6 million, respectively. Deferred tax liabilities within other liabilities were adjusted to record the deferred tax impact of purchase price accounting adjustments, primarily related to intangible assets. Investments in productions and content, or IIP and IIC, were valued at $564.8 million on the acquisition date, and include the fair value of completed films and television programs which have been produced by eOne or for which eOne has acquired distribution rights, as well as the fair value of films and television programs in production, pre-production and development. For films and television programs, fair values were estimated based on forecasted cash flows, discounted to present value. For titles less than 3 years old and titles in development, the content assets will be amortized using the individual film forecast method, wherein the amortization will phase to the revenues incurred. For titles over 3 years old, the estimated useful life is 10 years, and will be amortized straight-line over that period. Goodwill of $3.2 billion represents the excess of the purchase price over the fair value of the underlying tangible and identifiable intangible assets acquired and liabilities assumed. The acquisition goodwill represents the value placed on the combined company’s brand building capabilities, our storytelling capabilities and franchise economics in TV, film and other mediums to strengthen Hasbro brands. In addition, the acquisition goodwill depicts added benefits of long-term profitable growth through in-sourcing toy and game production for the acquired preschool brands and cost-synergies, as well as future revenue growth opportunities. The goodwill recorded as part of this acquisition was included within the Entertainment and Consumer Products segments for the year ended December 27, 2020. The goodwill associated with the acquisition will not be amortized for financial reporting purposes and will not be deductible for federal tax purposes. See Note 5 for information on the Company's goodwill reallocation during the first quarter of 2021 and the goodwill impairment charge due to the assets held for sale relating to the eOne music business during the second quarter of 2021. For the quarter and six months ended June 28, 2020 , the Company incurred $10.3 million and $160.1 million, respectively, of charges related to the eOne Acquisition, which were recorded in acquisition and related costs within the Company’s Consolidated Statement of Operations. Included within the Entertainment segment results for the six months ended June 28, 2020 were $98.5 million of acquisition and related charges. The remaining charges were included in Corporate and Other. The acquisition and related costs for the quarter and six months ended June 28, 2020 consisted of the following: • Acquisition and integration costs of $4.0 million and $99.7 million for the quarter and six months ended June 28, 2020, respectively, including, for the six months ended June 28, 2020, $47.4 million of expense associated with the acceleration of eOne stock-based compensation and $38.2 million of advisor fees settled at the closing of the acquisition, as well as integration costs; and

Earnings Per Share

Earnings Per Share6 Months Ended
Jun. 27, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings Per Share Net earnings (loss) per share data for the quarters and six months ended June 27, 2021 and June 28, 2020 were computed as follows: 2021 2020 Quarter Basic Diluted Basic Diluted Net loss attributable to Hasbro, Inc. $ (22.9) (22.9) $ (33.9) (33.9) Average shares outstanding 137.8 137.8 137.2 137.2 Effect of dilutive securities: Options and other share-based awards — — — — Equivalent Shares 137.8 137.8 137.2 137.2 Net earnings loss attributable to Hasbro, Inc. per common share $ (0.17) (0.17) $ (0.25) (0.25) 2021 2020 Six Months Basic Diluted Basic Diluted Net earnings (loss) attributable to Hasbro, Inc. $ 93.3 93.3 $ (103.6) (103.6) Average shares outstanding 137.8 137.8 137.2 137.2 Effect of dilutive securities: Options and other share-based awards — 0.4 — — Equivalent Shares 137.8 138.2 137.2 137.2 Net earnings (loss) attributable to Hasbro, Inc. per common share $ 0.68 0.68 $ (0.75) (0.75) For the quarter and six months ended June 27, 2021, options and restricted stock units totaling 4.6 million and 2.2 million respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. For the quarter and six months ended June 28, 2020, options and restricted stock units totaling 4.0 million and 4.0 million, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. Of the fiscal 2021 amount, 2.5 million shares would have been included in the calculation of diluted shares had the Company not had a loss for the quarter ended June 27, 2021. Assuming that these awards and options were included, under the treasury stock method, they would have resulted in an additional 0.4 million shares being included in the diluted earnings per share calculation for the quarter ended June 27, 2021. Of the fiscal 2020 amount, 0.6 million and 0.9 million shares, respectively, would have been included in the calculation of diluted shares had the Company not had a net loss for the quarter and six months ended June 28, 2020. Assuming that these awards and options were included, under the treasury stock method, they would have resulted in an additional 0.1 million and 0.3 million shares, respectively, being included in the diluted earnings per share calculation for the quarter and six months ended June 28, 2020.

Goodwill

Goodwill6 Months Ended
Jun. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GoodwillGoodwill During the first quarter of 2021, the Company realigned its financial reporting structure creating the following three principal reportable segments: Consumer Products, Wizards of the Coast & Digital Gaming and Entertainment. In our realignment, some, but not all, of our reporting units were changed. As a result of these changes, the Company reallocated its goodwill among the revised reporting units based on the change in relative fair values of the respective reporting units. Consumer Products Wizards of the Coast & Digital Gaming Entertainment Total 2021 Balance at December 27, 2020 $ 1,385.7 53.1 2,252.9 $ 3,691.7 Goodwill allocation 199.4 254.2 (453.6) — Foreign exchange translation — 0.4 (0.3) 0.1 Impairment during the period — — (101.8) (101.8) Reclass to assets held-for-sale — — (169.2) (169.2) Balance at June 27, 2021 $ 1,585.1 307.7 1,528.0 $ 3,420.8 In conjunction with the goodwill reallocation described above, during the first quarter of 2021, the Company performed an impairment test of goodwill balances held by the reporting units impacted by the segment realignment. The reporting units were tested as of December 28, 2020 and included our Europe, Asia Pacific, Global Consumer Products Licensing, Wizards of the Coast and Family Brands reporting units. Based on the results of the goodwill assessment, we determined that the fair values of each of these reporting units exceeded their carrying values, and as such, we concluded that there was no indication of goodwill impairment for these reporting units as of December 28, 2020.

Other Comprehensive Earnings (L

Other Comprehensive Earnings (Loss)6 Months Ended
Jun. 27, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Other Comprehensive Earnings (Loss)Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings (loss). The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarters and six months ended June 27, 2021 and June 28, 2020. Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Other comprehensive earnings (loss), tax effect: Tax benefit on unrealized holding gains $ — $ (0.7) $ — (0.6) Tax expense (benefit) on cash flow hedging activities 0.6 1.4 (0.4) (5.8) Tax benefit on foreign currency translation adjustments — 8.4 — 8.4 Reclassifications to earnings, tax effect: Tax (expense) benefit on cash flow hedging activities (0.2) 1.2 — 1.5 Amortization of unrecognized pension and postretirement amounts (0.1) (0.1) (0.1) (0.2) Total tax effect on other comprehensive earnings (loss) $ 0.3 $ 10.2 $ (0.5) 3.3 Changes in the components of accumulated other comprehensive earnings (loss) for the six months ended June 27, 2021 and June 28, 2020 are as follows: Pension and Gains Unrealized Foreign Total 2021 Balance at December 27, 2020 $ (40.7) (22.1) 0.4 (132.6) (195.0) Current period other comprehensive earnings (loss) 0.4 3.0 0.2 7.9 11.5 Balance at June 27, 2021 $ (40.3) (19.1) 0.6 (124.7) (183.5) 2020 Balance at December 29, 2019 $ (36.2) (5.2) (0.2) (142.6) (184.2) Current period other comprehensive earnings (loss) 0.6 12.4 2.1 (139.0) (123.9) Balance at June 28, 2020 $ (35.6) 7.2 1.9 (281.6) (308.1) Gains (Losses) on Derivative Instruments At June 27, 2021, the Company had remaining net deferred losses on foreign currency forward contracts, net of tax, of $3.2 million in accumulated other comprehensive earnings (loss) ("AOCE"). These instruments hedge payments related to inventory purchased in the second quarter of 2021 or forecasted to be purchased during the remainder of 2021 through 2022, intercompany expenses expected to be paid or received during 2021, television and movie production costs paid in 2021, and cash receipts for sales made at the end of the first quarter of 2021 or forecasted to be made in the remainder of 2021 and, to a lesser extent, 2022. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales or expenses. In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the 3.15% Notes, that were repaid in full in the aggregate principal amount of $300.0 million during the first quarter of 2021 (See Note 8) and, the 5.10% Notes due 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At June 27, 2021, deferred losses, net of tax of $15.9 million related to these instruments remained in AOCE. For the quarters ended June 27, 2021 and June 28, 2020, previously deferred losses of $0.3 million and $0.5 million, respectively, were reclassified from AOCE to net earnings. For the six-month periods ended June 27, 2021 and June 28, 2020, previously deferred losses of $0.8 million and $0.9 million, respectively, were reclassified from AOCE to net earnings. Of the amount included in AOCE at June 27, 2021, the Company expects net losses of approximately $4.6 million to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.

Accrued Liabilities

Accrued Liabilities6 Months Ended
Jun. 27, 2021
Payables and Accruals [Abstract]
Accrued LiabilitiesAccrued Liabilities Components of accrued liabilities for the periods ended June 27, 2021, June 28, 2020 and December 27, 2020 were as follows: June 27, 2021 June 28, 2020 December 27, 2020 Participations and residuals $ 278.6 $ 335.6 $ 295.6 Royalties 139.4 135.6 229.2 Deferred revenue 174.7 141.7 161.0 Payroll and management incentives 86.9 48.9 132.4 Dividends 93.6 93.2 93.4 Other taxes 57.9 51.7 81.9 Advertising 83.0 53.2 58.6 Severance 37.5 47.2 49.7 Lease liability - Current 44.9 42.4 45.0 Accrued income taxes 42.9 36.7 29.7 Other 357.1 275.2 362.1 Total accrued liabilities (1) $ 1,396.5 $ 1,261.4 $ 1,538.6

Financial Instruments

Financial Instruments6 Months Ended
Jun. 27, 2021
Debt Disclosure [Abstract]
Financial InstrumentsFinancial Instruments The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At June 27, 2021, June 28, 2020 and December 27, 2020, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at June 27, 2021, June 28, 2020 and December 27, 2020 also include certain assets and liabilities measured at fair value (see Notes 11 and 12) as well as long-term borrowings. The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of June 27, 2021, June 28, 2020 and December 27, 2020 are as follows: June 27, 2021 June 28, 2020 December 27, 2020 Carrying Fair Carrying Fair Carrying Fair 3.90% Notes Due 2029 $ 900.0 982.1 $ 900.0 938.1 $ 900.0 1,011.2 3.55% Notes Due 2026 675.0 731.9 675.0 712.2 675.0 752.7 3.00% Notes Due 2024 500.0 530.2 500.0 523.4 500.0 540.6 6.35% Notes Due 2040 500.0 675.2 500.0 579.7 500.0 636.5 3.50% Notes Due 2027 500.0 538.1 500.0 516.0 500.0 544.5 2.60% Notes Due 2022 300.0 308.0 300.0 309.7 300.0 311.5 5.10% Notes Due 2044 300.0 353.0 300.0 304.0 300.0 338.1 3.15% Notes Due 2021 (1) — — 300.0 318.6 300.0 302.3 6.60% Debentures Due 2028 109.9 136.0 109.9 124.5 109.9 137.4 Variable % Notes Due December 30, 2022 (2) 50.0 50.0 400.0 400.0 300.0 300.0 Variable % Notes Due December 30, 2024 562.5 562.5 592.5 592.5 577.5 577.5 Production Financing Facilities 212.6 212.6 142.0 142.0 165.5 165.5 Total long-term debt $ 4,610.0 5,079.6 $ 5,219.4 5,460.7 $ 5,127.9 5,617.8 Less: Deferred debt expenses 31.7 — 38.3 — 35.3 — Less: Current portion 189.6 — 378.6 — 432.6 — Long-term debt $ 4,388.7 5,079.6 $ 4,802.5 5,460.7 $ 4,660.0 5,617.8 (1) During the first quarter of 2021, the Company repaid in full its 3.15% Notes, in the aggregate amount of $300.0 million due in May 2021. (2) During the second quarter of 2021, the Company repaid $250.0 million of the Variable % Notes Due December 30, 2022. In November 2019, in conjunction with the Company's acquisition of eOne, the Company issued an aggregate of $2.4 billion of senior unsecured debt securities (the "Notes") consisting of the following tranches: $300.0 million of notes due 2022 (the "2022 Notes") that bear interest at a fixed rate of 2.60%, $500.0 million of notes due 2024 (the "2024 Notes") that bear interest at a fixed rate of 3.00%, $675.0 million of notes due 2026 (the "2026 Notes") that bear interest at a fixed rate of 3.55% and $900.0 million of notes due 2029 (the "2029 Notes") that bear interest at a fixed rate of 3.90%. Net proceeds from the issuance of the Notes, after deduction of $20.0 million of underwriting discount and fees, totaled $2.4 billion. These costs are being amortized over the life of the Notes, which range from three In September 2019, the Company entered into a $1.0 billion Term Loan Agreement (the "Term Loan Agreement”) with Bank of America N.A. (“Bank of America”), as administrative agent, and certain financial institutions as lenders, pursuant to which such lenders committed to provide, contingent upon the completion of the eOne Acquisition and certain other customary conditions to funding, (1) a three-year senior unsecured term loan facility in an aggregate principal amount of $400.0 million (the “Three-Year Tranche”) and (2) a five-year senior unsecured term loan facility in an aggregate principal amount of $600.0 million (the “Five-Year Tranche” and together with the Three-Year Tranche, the “Term Loan Facilities”). Loans under the Term Loan Facilities bear interest at the Company’s option, at either the Eurocurrency Rate or the Base Rate, in each case plus a per annum applicable rate that fluctuates (1) in the case of the Three-Year Tranche, between 87.5 basis points and 175.0 basis points, in the case of loans priced at the Eurocurrency Rate, and between 0.0 basis points and 75.0 basis points, in the case of loans priced at the Base Rate, and (2) in the case of the Five-Year Tranche, between 100.0 basis points and 187.5 basis points, in the case of loans priced at the Eurocurrency Rate, and between 0.0 basis points and 87.5 basis points, in the case of loans priced at the Base Rate, in each case, based upon the non-credit enhanced, senior unsecured long-term debt ratings of the Company by Fitch Ratings Inc., Moody’s Investor Service, Inc. and S&P Global Rankings, subject to certain provisions taking into account potential differences in ratings issued by the relevant rating agencies or a lack of ratings issued by such rating agencies. Loans under the Five-Year Tranche require principal amortization payments that are payable in equal quarterly installments of 5.0% per annum of the original principal amount thereof for each of the first two years after funding, increasing to 10.0% per annum of the original principal amount thereof for each subsequent year. The Term Loan Agreement contains affirmative and negative covenants typical of this type of facility, including: (i) restrictions on the Company’s and its domestic subsidiaries’ ability to allow liens on their assets, (ii) restrictions on the incurrence of indebtedness, (iii) restrictions on the Company’s and certain of its subsidiaries’ ability to engage in certain mergers, (iv) the requirement that the Company maintain a Consolidated Interest Coverage Ratio of no less than 3.00:1.00 as of the end of any fiscal quarter and (v) the requirement that the Company maintain a Consolidated Total Leverage Ratio of no more than, depending on the gross proceeds of equity securities issued after the effective date of the acquisition of eOne, 5.65:1.00 or 5.40:1.00 for each of the first, second and third fiscal quarters ended after the funding of the Term Loan Facilities, with periodic step downs to 3.50:1.00 for the fiscal quarter ending December 31, 2023 and thereafter. The notes were drawn down on December 30, 2019, the closing date of the eOne Acquisition. During the first six months of 2021, the Company paid $265.0 million toward the $1.0 billion term loan notes consisting of $250.0 million on the principal balance of the Three-Year Tranche loans in addition to the required quarterly principal amortization payments totaling $15.0 million on the Five-Year Tranche loans. As of June 27, 2021, the Company was in compliance with the financial covenants contained in the Term Loan Agreement. The Company may redeem its 5.10% notes due in 2044 (the "2044 Notes") at its option, at the greater of the principal amount of the notes or the present value of the remaining scheduled payments, discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase. Current portion of long-term debt at June 27, 2021 o f $189.6 million , as shown on the consolidated balance sheet, represents the current portion of required quarterly principal amortization payments for the Term Loan Facilities and production financing facilities. All of the Company’s other long-term borrowings have contractual maturities that occur subsequent to the second quarter of 2022. The fair values of the Company's long-term debt are considered Level 3 fair values (see Note 11 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method. In addition to the debt terms, the valuation methodology includes an assumption of a discount rate that approximates the current yield on a similar debt security. This assumption is considered an unobservable input in that it reflects the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. Production Financing In addition to the Company's financial instruments, the Company uses production financing to fund certain of its television and film productions which are typically arranged on an individual production basis by special purpose production subsidiaries. Production financing facilities are secured by the assets and future revenue of the individual production subsidiaries and are non-recourse to the Company's assets. Production financing facilities typically have maturities of less than two years, while the titles are in production, and are repaid once delivered and all credits, broadcaster pre-sales and international sales have been received. The production financing facilities as of June 27, 2021, June 28, 2020 and December 27, 2020 are as follows: June 27, 2021 June 28, 2020 December 27, 2020 Production financing held by production subsidiaries $ 212.6 $ 142.0 $ 165.5 Other loans (1) — 6.4 5.4 Total $ 212.6 $ 148.4 $ 170.9 Production financing included in the consolidated balance sheet as: Non-current $ 53.0 $ 93.4 $ 62.9 Current 159.6 48.6 102.6 Total $ 212.6 $ 142.0 $ 165.5 (1) Other loans consist of production related demand loans, and are recorded within Short-term Borrowings in the Company's consolidated balance sheets. Interest is charged at bank prime rate plus a margin based on the risk of the respective production. The weighted average interest rate on all production financing as of June 27, 2021 was 3.0%. The Company has Canadian dollar and U.S. dollar production credit facilities with various banks. The carrying amounts are denominated in the following currencies: Canadian Dollars U.S. Dollars Total As of June 27, 2021 $ 49.0 $ 163.6 $ 212.6 The following table represents the movements in production financing and other related loans during the first six months of 2021: Production Financing Other Loans Total December 27, 2020 $ 165.5 $ 5.4 $ 170.9 Drawdowns 114.7 16.7 131.4 Repayments (70.0) (23.0) (93.0) Foreign exchange differences 2.4 0.9 3.3 Balance at June 27, 2021 $ 212.6 $ — $ 212.6

Investments in Productions and

Investments in Productions and Investments in Acquired Content Rights6 Months Ended
Jun. 27, 2021
Other Industries [Abstract]
Investment in Productions and Investments in Acquired Content RightsInvestments in Productions and Investments in Acquired Content RightsInvestments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within other assets in the Company's consolidated balance sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual film basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident. The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at June 27, 2021, June 28, 2020, and December 27, 2020: June 27, 2021 June 28, 2020 December 27, 2020 Film and TV Programming Released, net of amortization $ 499.4 $ 346.8 $ 428.0 Completed and not released 17.7 128.1 17.3 In production 220.5 41.4 185.5 Pre-production 73.8 70.4 67.6 811.4 586.7 698.4 Other Programming Released, net of amortization 3.4 12.7 13.7 Completed and not released 0.4 2.9 2.1 In production 6.3 7.0 5.4 Pre-production 1.7 5.5 7.6 11.8 28.1 28.8 Total Program Investments (1) $ 823.2 $ 614.8 $ 727.2 (1) For the six-month period ended June 27, 2021, $8.0 million of investments in productions and investments in acquired content rights of the eOne Music business, which were previously classified within Other Assets, have been transferred to Assets Held for Sale. For additional information, see Note 15. The Company recorded $208.2 million of program cost amortization related to released programming in the six months ended June 27, 2021, consisting of the following: Investment in Production Investment in Content Total Program cost amortization $ 180.7 27.5 $ 208.2

Income Taxes

Income Taxes6 Months Ended
Jun. 27, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company and its subsidiaries file income tax returns in the United States and various state and international jurisdictions. In the normal course of business, the Company is regularly audited by U.S. federal, state and local, and international tax authorities in various tax jurisdictions. Our effective tax rate ("ETR") from continuing operations was 43.9% for the six months ended June 27, 2021 and 12.9% for the six months ended June 28, 2020. The following items caused the year-to-date ETR to be significantly different from the prior year ETR: • during the six months ended June 27, 2021, the Company recorded a net discrete tax expense of $17.4 million primarily associated with the revaluation of net deferred tax liabilities as a result of the United Kingdom's ("UK") enactment of Finance Act 2021 during the second quarter, which increases the UK corporate income tax rate from 19% to 25% as of April 1, 2023. This is reduced by the release of a valuation allowance on net operating losses that offsets income received from a one-time legal settlement and certain benefits associated with normal business activities, including the reversal of uncertain tax positions that resulted from statutes of limitations expiring in certain jurisdictions and operational tax planning; and • The year-to-date ETR also includes a one-time impairment expense on assets held for sale from which there is no corresponding tax benefit; • during the six months ended June 28, 2020, the Company recorded a discrete net tax benefit of $24.0 million, of which $24.1 million is a result of the eOne acquisition and related costs incurred. In May 2019, a public referendum held in Switzerland approved the Swiss Federal Act on Tax Reform and AHV Financing ("TRAF") proposals previously approved by the Swiss Parliament. The Swiss tax reform measures were effective on January 1, 2020. Changes in tax reform include the abolishment of preferential tax regimes for holding companies, domicile companies and mixed companies at the cantonal level. The enacted changes in Swiss federal tax were not material to the Company’s financial statements. Swiss cantonal tax was enacted in December 2019. The Company is still assessing the transitional provision options it may elect; however, the legislation is not expected to have a material effect on the Company’s financial statements. The Company is no longer subject to U.S. federal income tax examinations for years before 2012. With few exceptions, the Company is no longer subject to U.S. state or local and non-U.S. income tax examinations by tax authorities in its major jurisdictions for years before 2015. The Company is currently under income tax examination by the Internal Revenue Service and in several U.S. state and local and non-U.S. jurisdictions.

Fair Value of Financial Instrum

Fair Value of Financial Instruments6 Months Ended
Jun. 27, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial InstrumentsFair Value of Financial Instruments The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels: Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Accounting standards permit entities to measure many financial instruments and certain other items at fair value and establish presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The Company elected the fair value option for certain available-for-sale investments using net asset value per share and during 2020, the Company liquidated these investments as part of its global cash management strategy. At June 28, 2020, prior to their liquidation, these investments totaled $12.8 million and were included in prepaid expenses and other current assets within the Company's consolidated balance sheet. The Company recorded a net loss of $0.8 million and $1.2 million, respectively, on these investments in other (income) expense, net, related to the change in fair value of such instruments net for the quarter and six months ended June 28, 2020. At June 27, 2021, June 28, 2020 and December 27, 2020, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets (excluding assets for which the fair value is measured using net asset value per share): Fair Value Measurements Using: Fair Quoted Significant Significant June 27, 2021 Assets: Available-for-sale securities $ 2.3 2.3 — — Derivatives 6.8 — 6.8 — Total assets $ 9.1 2.3 6.8 — Liabilities: Derivatives $ 5.7 — 5.7 — Option agreement 21.8 — — 21.8 Total liabilities $ 27.5 — 5.7 21.8 June 28, 2020 Assets: Available-for-sale securities $ 2.7 2.7 — — Derivatives 28.9 — 28.9 — Total assets $ 31.6 2.7 28.9 — Liabilities: Derivatives $ 2.9 — 2.9 — Option agreement 20.7 — — 20.7 Total liabilities $ 23.6 — 2.9 20.7 December 27, 2020 Assets: Available-for-sale securities $ 2.1 2.1 — — Derivatives 4.8 — 4.8 — Total assets $ 6.9 2.1 4.8 — Liabilities: Derivatives $ 12.7 — 12.7 — Option agreement 20.6 — — 20.6 Total Liabilities $ 33.3 — 12.7 20.6 Available-for-sale securities include equity securities of one company quoted on an active public market. The Company's derivatives consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. The Company’s option agreement relates to an equity method investment in Discovery Family Channel ("Discovery"). The option agreement is included in other liabilities at June 27, 2021, June 28, 2020 and December 27, 2020, is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include the volatility and fair value of the underlying company which are considered unobservable inputs as they reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. There were no changes in these valuation techniques during the quarter ended June 27, 2021. The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3): 2021 2020 Balance at beginning of year $ (20.6) $ (22.1) Gain from change in fair value (1.2) 1.5 Balance at end of second quarter $ (21.8) $ (20.6)

Derivative Financial Instrument

Derivative Financial Instruments6 Months Ended
Jun. 27, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial InstrumentsDerivative Financial Instruments Hasbro uses foreign currency forward contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future currency requirements related to purchases of inventory, product sales, television and film production cost and production financing loans (see Note 8) as well as other cross-border transactions not denominated in the functional currency of the business unit, are primarily denominated in United States and Hong Kong dollars, and Euros. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a single counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes. Cash Flow Hedges All of the Company's designated foreign currency forward contracts and zero-cost collar options are considered to be cash flow hedges. These instruments hedge a portion of the Company's currency requirements associated with anticipated inventory purchases, product sales, certain production financing loans and other cross-border transactions in 2021 through 2022. At June 27, 2021, June 28, 2020 and December 27, 2020, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows: June 27, 2021 June 28, 2020 December 27, 2020 Hedged transaction Notional Fair Notional Fair Notional Fair Inventory purchases $ 346.8 (2.0) $ 255.5 20.1 $ 31.8 (10.0) Sales 189.3 0.7 77.3 4.9 11.6 1.4 Production financing and other 201.7 (1.0) 110.6 4.0 89.9 0.3 Total $ 737.8 (2.3) $ 443.4 29.0 $ 133.3 (8.3) The Company has a master agreement with each of its counterparties that allows for the netting of outstanding forward contracts. The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at June 27, 2021, June 28, 2020 and December 27, 2020 as follows: June 27, June 28, December 27, Prepaid expenses and other current assets Unrealized gains $ 4.3 $ 23.7 $ 2.3 Unrealized losses (3.1) (1.0) (1.6) Net unrealized gains $ 1.2 $ 22.7 $ 0.7 Other assets Unrealized gains $ 2.0 $ 6.3 $ 1.1 Unrealized losses (0.3) — — Net unrealized gains $ 1.7 $ 6.3 $ 1.1 Accrued liabilities Unrealized gains $ 2.7 $ — $ 3.0 Unrealized losses (7.8) — (12.9) Net unrealized losses $ (5.1) $ — $ (9.9) Other liabilities Unrealized gains $ — $ — $ — Unrealized losses (0.1) — (0.2) Net unrealized losses $ (0.1) $ — $ (0.2) Net gains on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters ended June 27, 2021 and June 28, 2020 as follows: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Statements of Operations Classification Cost of sales $ 2.5 $ 5.6 $ 2.3 9.6 Net revenues (0.6) 0.8 (1.3) 1.2 Other (0.2) 0.5 (1.2) 0.5 Net realized gains $ 1.7 $ 6.9 $ (0.2) 11.3 Undesignated Hedges The Company also enters into foreign currency forward contracts to minimize the impact of changes in the fair value of intercompany loans due to foreign currency changes. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are substantially offset by changes in the fair value of the intercompany loans. Additionally, to manage transactional exposure to fair value movements on certain monetary assets and liabilities denominated in foreign currencies, the Company has implemented a balance sheet hedging program. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are offset by changes in the fair value of the balance sheet items. As of June 27, 2021, June 28, 2020 and December 27, 2020 the total notional amounts of the Company's undesignated derivative instruments were $573.0 million, $436.6 million and $590.6 million, respectively. At June 27, 2021, June 28, 2020 and December 27, 2020, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows: June 27, June 28, December 27, Prepaid expenses and other current assets Unrealized gains $ 4.6 $ — $ 3.5 Unrealized losses (0.7) — (0.5) Net unrealized gains $ 3.9 $ — $ 3.0 Accrued liabilities Unrealized gains $ 0.1 $ 4.5 $ — Unrealized losses (0.6) (7.4) (2.6) Net unrealized losses $ (0.5) $ (2.9) $ (2.6) Total unrealized gains (losses), net $ 3.4 $ (2.9) $ 0.4 The Company recorded net gains (losses) of $5.4 million and $(0.7) million on these instruments to other (income) expense, net for the quarter and six months ended June 27, 2021, respectively, and net losses of $(15.7) million and $(13.2) million for the quarter and six months ended June 28, 2020, respectively, relating to the change in fair value of such derivatives, substantially offsetting gains and losses from the change in fair value of intercompany loans to which the contracts relate. For additional information related to the Company's derivative financial instruments (see Notes 6 and 11).

Leases

Leases6 Months Ended
Jun. 27, 2021
Leases [Abstract]
LeasesLeases The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. These leases have remaining lease terms of 1 to 18 years, some of which include options to extend lease terms or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases. For the quarter and six months ended June 27, 2021, the Company's operating lease and other rental expenses were $22.5 million and $44.3 million, respectively. For the quarter and six months ended June 28, 2020, the Company's operating lease and other rental expenses were $22.4 million and $45.3 million, respectively. Expense related to short-term leases (expected terms less than 12 months) and variable lease payments was not material in the quarter or six months ended June 27, 2021 or June 28, 2020. Information related to the Company’s leases for the quarter and six months ended June 27, 2021 and June 28, 2020 are as follows: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13.0 $ 14.0 $ 26.2 25.6 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4.1 $ 36.2 $ 11.5 100.4 Weighted Average Remaining Lease Term Operating leases 5.8 years 6.4 years 5.8 years 6.4 years Weighted Average Discount Rate Operating leases 3.1 % 3.1 % 3.1 % 3.1 % The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of June 27, 2021: June 27, 2021 (excluding the six months ended June 27, 2021) $ 25.5 2022 47.3 2023 39.1 2024 28.6 2025 23.3 2026 and thereafter 49.2 Total future lease payments 213.0 Less imputed interest 21.8 Present value of future operating lease payments 191.2 Less current portion of operating lease liabilities (1) 44.9 Non-current operating lease liability (2) 146.3 Operating lease right-of-use assets, net (3) $ 174.5 (1) Included in Accrued liabilities on the consolidated balance sheets. (2) Included in Other liabilities on the consolidated balance sheets. (3) Included in Property, plant, and equipment on the consolidated balance sheets.

Segment Reporting

Segment Reporting6 Months Ended
Jun. 27, 2021
Segment Reporting [Abstract]
Segment ReportingSegment Reporting Hasbro is a global play and entertainment company with a broad portfolio of brands and entertainment content spanning toys, games, licensed products ranging from traditional to digital, and film, television and music entertainment. In the first quarter of 2020 the Company completed its acquisition of the global independent studio, eOne. Throughout 2020, the Company successfully integrated many parts of the eOne business and started to achieve synergies as a combined company. Effective for the three months ended March 28, 2021, the Company realigned its reportable segment structure to achieve the following; (1) to align with changes to its business structure subsequent to the integration of eOne, and (2) to reflect changes to its reporting structure and provide transparency into how operating performance is measured. The Company's three principal reportable segments are (i) Consumer Products, (ii) Wizards of the Coast & Digital Gaming, and (iii) Entertainment. The Consumer Products segment engages in the sourcing, marketing and sales of toy and game products around the world. The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel. The Wizards of the Coast & Digital Gaming business engages in the promotion of the Company's brands through the development of trading card, role-playing and digital game experiences based on Hasbro and Wizards of the Coast games. The Entertainment segment engages in the development, acquisition, production, financing, distribution and sale of world-class entertainment content including film, scripted and unscripted television, family programming, digital content, music production and sales, and live entertainment. The significant accounting policies of the Company's segments are the same as those referenced in Note 1. Results shown for the quarter and six months ended June 27, 2021 are not necessarily representative of those which may be expected for the full year 2021, nor were those of the comparable 2020 periods representative of those actually experienced for the full year 2020. Similarly, such results are not necessarily those which would be achieved were each segment an unaffiliated business enterprise. Reclassifications of certain prior year segment results and account balances have been made to conform to the current-year presentation. None of the segment changes impact the Company's previously reported consolidated net revenue, operating profits, net earnings or net earnings per share. Information by segment and a reconciliation to reported amounts for the quarters and six months ended June 27, 2021 and June 28, 2020 are as follows: Quarter Ended June 27, 2021 June 28, 2020 Net revenues External Affiliate (b) External Affiliate (b) Consumer Products $ 689.2 $ (96.9) $ 519.5 $ (103.1) Wizards of the Coast & Digital Gaming 406.3 (29.7) 186.7 (17.9) Entertainment 226.7 (12.6) 154.1 (0.8) Corporate and Other (b) — 139.2 — 121.8 $ 1,322.2 $ — $ 860.3 $ — Six Months Ended June 27, 2021 June 28, 2020 Net revenues External Affiliate (b) External Affiliate (b) Consumer Products $ 1,343.1 $ (167.2) $ 1,092.0 $ (158.7) Wizards of the Coast & Digital Gaming 648.5 (55.1) 397.3 (33.0) Entertainment 445.4 (26.7) 476.6 (1.7) Corporate and Other (b) — 249.0 — 193.4 $ 2,437.0 $ — $ 1,965.9 $ — Quarter Ended Six Months Ended Operating profit (loss) June 27, June 28, June 27, June 28, Consumer Products $ 17.8 $ (45.3) $ 50.1 $ (55.0) Wizards of the Coast & Digital Gaming 192.9 74.1 302.9 169.9 Entertainment (113.7) (13.5) (96.7) (77.8) Corporate and Other (b) (20.4) (13.1) (32.4) (58.2) $ 76.6 $ 2.2 $ 223.9 $ (21.1) Total assets June 27, June 28, December 27, Consumer Products (a) $ 3,508.7 $ 5,432.1 $ 5,552.5 Wizards of the Coast & Digital Gaming 745.8 790.9 585.7 Entertainment 6,124.4 6,167.9 6,003.0 Corporate and Other (b) (276.7) (2,168.8) (1,322.9) $ 10,102.2 $ 10,222.1 $ 10,818.3 (a) During the second quarter of 2021, the Company adjusted certain inter-segment balance sheet amounts which impacted the Consumer Products and Corporate and Other total asset values. These adjustments did not impact the Company's total assets. (b) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain expenses related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Corporate and Other also includes the elimination of inter-company balance sheet amounts. The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters and six months ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, North America $ 391.4 $ 283.0 $ 754.1 $ 604.8 Europe 176.5 141.9 365.0 298.6 Asia Pacific 68.4 60.7 133.2 118.9 Latin America 52.9 33.9 90.8 69.7 Net revenues $ 689.2 $ 519.5 $ 1,343.1 $ 1,092.0 The following table represents consolidated Entertainment segment net revenues by category for the quarters and six months ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Film and TV $ 164.3 $ 108.9 $ 330.7 $ 372.9 Family Brands 26.1 18.8 44.9 44.7 Music and Other 36.3 26.4 69.8 59.0 Net revenues $ 226.7 $ 154.1 $ 445.4 $ 476.6 The following table presents consolidated net revenues by brand and entertainment portfolio for the quarters ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Franchise Brands $ 649.9 $ 376.9 $ 1,141.4 $ 773.4 Partner Brands 212.0 138.3 400.0 320.6 Hasbro Gaming (1) 147.1 137.0 283.4 277.1 Emerging Brands 117.0 75.9 221.7 170.1 Entertainment 196.2 132.2 390.5 424.7 Total $ 1,322.2 $ 860.3 $ 2,437.0 $ 1,965.9

Assets and Liabilities Held for

Assets and Liabilities Held for Sale and Subsequent Closing of Music Sale6 Months Ended
Jun. 27, 2021
Discontinued Operations and Disposal Groups [Abstract]
Assets and Liabilities Held for Sale and Subsequent Closing of Music SaleAssets and Liabilities Held for Sale and Subsequent Closing of Music Sale On April 25, 2021, the Company entered into a definitive agreement to sell eOne Music for an aggregate sales price of $385.0 million, subject to certain closing adjustments related to working capital and net debt. The Company acquired eOne Music through its acquisition of Entertainment One Ltd. in December 2019 ("eOne Acquisition"). Upon signing the agreement to sell eOne Music, the Company reclassified all eOne Music assets and liabilities within Assets Held for Sale and Liabilities Held for Sale, respectively, on the Consolidated Balance Sheet as of June 27, 2021. Based on the value of the net assets held by eOne Music, which included goodwill and intangible assets allocated to eOne Music as part of the eOne Acquisition, the Company recorded a pre-tax non-cash goodwill impairment charge of $101.8 million within Loss on Assets Held for Sale on the Consolidated Statements of Operations for the quarter ended June 27, 2021. The Company also recorded pre-tax cash transaction expenses of $9.5 million within Selling, Distribution and Administration expenses on the Consolidated Statements of Operations for the quarter ended June 27, 2021. The impairment charge was recorded within the Entertainment segment and the transaction costs were recorded within the Corporate and Other segment. The operations of eOne Music did not meet the criteria to be presented as discontinued operations in accordance with Accounting Standards Update No. 2014-08 (ASU 2014-08) Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Therefore, eOne Music operating results are reported within the Company's Entertainment segment for the quarter and six months ended June 27, 2021. The following table presents the carrying amounts of the major classes of eOne Music assets and liabilities as of June 27, 2021. June 27, Cash and Cash Equivalents $ 18.2 Goodwill and Other Intangible Assets 410.3 Prepaid Expenses 31.0 Other Assets 20.0 Total Assets 479.5 Accrued Liabilities 24.4 Deferred Taxes 36.9 Other Liabilities 15.0 Total Liabilities $ 76.3 eOne Music does not represent an individually significant component of the Company’s business and income from operations before income taxes attributable to eOne Music was immaterial to the Company's Consolidated Statements of Operations for the six month periods ended June 27, 2021 and June 28, 2020. Subsequent Sale in Fiscal Third Quarter of 2021 On June 29, 2021, the Company completed the sale of eOne Music for net proceeds of approximately $397.0 million, subject to certain closing adjustments related to working capital and net debt. The net proceeds will be subject to further adjustments upon completion of closing working capital and net debt calculations. In anticipation of the closing proceeds, the Company repaid $250.0

Restructuring Actions

Restructuring Actions6 Months Ended
Jun. 27, 2021
Restructuring Charges [Abstract]
Restructuring ActionsRestructuring Actions During 2018, the Company announced a comprehensive restructuring plan which consisted of re-designing its go-to market strategy and re-shaping its organization to become a more responsive, innovative and digitally-driven play and entertainment company. As part of this process the Company took certain restructuring actions which continued through 2019. The actions primarily included headcount reduction aimed at right-sizing the Company’s cost-structure and giving it the ability to add required new talent in the future. In the second quarter of 2020, the Company continued to streamline its commercial organization, and recorded severance of $11.5 million associated with these cost-savings initiatives. During 2020, in connection with the eOne Acquisition, the Company recorded $32.5 million of severance and other employee charges related to the integration of eOne. For the quarter and six months ended June 28, 2020, the related charge was $6.3 million and $19.5 million, which was recorded within acquisition and related costs on the Consolidated Statements of Operations, and reported within Corporate and Eliminations. The detail of activity related to the programs for the six months ended June 27, 2021 is as follows: 2018 Restructuring & 2020 Commercial Program eOne Integration Program Other Total Remaining amounts to be paid as of December 27, 2020 $ 17.3 16.9 0.8 $ 35.0 Payments made in the first six months of 2021 (4.8) (7.6) — (12.4) Remaining amounts as of June 27, 2021 $ 12.5 9.3 0.8 $ 22.6

Basis of Presentation (Policies

Basis of Presentation (Policies)6 Months Ended
Jun. 27, 2021
Accounting Policies [Abstract]
Basis of PresentationIn the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Company") as of June 27, 2021 and June 28, 2020, and the results of its operations and cash flows and shareholders' equity for the periods then ended in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates.
Recently Adopted Accounting Standards and Issued Accounting PronouncementsRecently Adopted Accounting Standards In August 2018, the FASB issued Accounting Standards Update No. 2018-14 (ASU 2018-14) Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20)- Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2020, and early adoption is permitted. The Company adopted the standard in the first quarter of 2021 and the adoption of the standard did not have a material impact on its consolidated financial statements. In December 2019, the FASB issued Accounting Standards Update No. 2019-12 (ASU 2019-12), Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . The amendments in this update remove certain exceptions for performing intra-period tax allocations, recognizing deferred taxes for investments, and calculating income taxes in interim periods. The guidance also simplifies the accounting for franchise taxes, transactions that result in a step-up in the tax basis of goodwill, and the effect of enacted changes in tax laws or rates in interim periods. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company adopted the standard in the first quarter of 2021 and the adoption of the standard did not have a material impact on its consolidated financial statements. Issued Accounting Pronouncements In March of 2020, the FASB issued Accounting Standards Update No. 2020-04 (ASU 2020-04) Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions, for a limited period of time, to ease the potential burden of recognizing the effects of reference rate reform on financial reporting. The amendments in this update apply to contracts, hedging relationships and other transactions that reference the London Inter-Bank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to the global transition away from LIBOR and certain other interbank offered rates. An entity may elect to apply the amendments provided by this update beginning March 12, 2020 through December 31, 2022. The Company does not currently expect the change from LIBOR to an alternate rate to have a material impact on its consolidated financial statements, and is continuing to evaluate the standard's potential impact to its consolidated financial statements.
Revenue RecognitionRevenue Recognition Revenue is recognized when control of the promised goods or content is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods or content. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Contract Assets and Liabilities Within our Consumer Products and Entertainment segments the Company may receive royalty payments from licensees in advance of the licensees’ subsequent sales to their customers, or in advance of the Company’s performance obligation being satisfied. In addition, the Company may receive payments from its digital gaming business in advance of the recognition of the revenues. The Company defers revenues on these advanced payments until its performance obligation is satisfied and records the aggregate deferred revenues as contract liabilities. The current portion of contract liabilities was recorded within Accrued Liabilities and the long-term portion was recorded as Other Non-current Liabilities in the Company’s consolidated balance sheets. The Company records contract assets in the case of (1) minimum guarantees, which are recognized ratably over the term of the respective license period, being recognized in advance of contractual invoicing, and (2) film and television distribution revenue recorded for content delivered but for which payment will occur over the license term. The current portion of contract assets was recorded in Prepaid Expenses and Other Current Assets, respectively, and the long-term portion was recorded as Other Long-Term Assets.
LeasesThe Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. These leases have remaining lease terms of 1 to 18 years, some of which include options to extend lease terms or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

Revenue Recognition (Tables)

Revenue Recognition (Tables)6 Months Ended
Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and LiabilitiesAt June 27, 2021, June 28, 2020 and December 27, 2020 the Company had the following contract assets and liabilities in its consolidated balance sheets: June 27, 2021 June 28, 2020 December 27, 2020 Assets Contract assets - current $ 257.9 $ 252.9 $ 284.4 Contract assets - long term 72.6 108.5 77.0 Total (1) $ 330.5 $ 361.4 $ 361.4 Liabilities Contract liabilities - current $ 174.7 $ 141.7 $ 161.0 Contract liabilities - long term 21.3 23.5 18.2 Total (1) $ 196.0 $ 165.2 $ 179.2 (1) For the six-month period ended June 27, 2021, contract assets of the eOne Music business in the amount of $29.0 million, which were previously classified under Prepaid Expenses and Other Current Assets and Other Long-Term Assets, have been transferred to Assets Held for Sale. Contract liabilities of the eOne Music business in the amount of $4.0 million, which were previously classified under Accrued Liabilities and Other Non-current Liabilities, have been transferred to Liabilities Held for Sale. For additional information, see Note 15.

Business Combination (Tables)

Business Combination (Tables)6 Months Ended
Jun. 27, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquired Finite-Lived Intangible AssetsThe following table summarizes the intangible assets acquired as part of the eOne Acquisition: Weighted Average Intangible assets acquired Amortization Period Fair Value Established brands 10 years $ 615.0 Trade names 15 years 100.0 Artist relationships 14 years 100.0 Music catalogs 12 years 120.0 Other 8 years 121.0 Total intangible assets acquired 11 years $ 1,056.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)6 Months Ended
Jun. 27, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per ShareNet earnings (loss) per share data for the quarters and six months ended June 27, 2021 and June 28, 2020 were computed as follows: 2021 2020 Quarter Basic Diluted Basic Diluted Net loss attributable to Hasbro, Inc. $ (22.9) (22.9) $ (33.9) (33.9) Average shares outstanding 137.8 137.8 137.2 137.2 Effect of dilutive securities: Options and other share-based awards — — — — Equivalent Shares 137.8 137.8 137.2 137.2 Net earnings loss attributable to Hasbro, Inc. per common share $ (0.17) (0.17) $ (0.25) (0.25) 2021 2020 Six Months Basic Diluted Basic Diluted Net earnings (loss) attributable to Hasbro, Inc. $ 93.3 93.3 $ (103.6) (103.6) Average shares outstanding 137.8 137.8 137.2 137.2 Effect of dilutive securities: Options and other share-based awards — 0.4 — — Equivalent Shares 137.8 138.2 137.2 137.2 Net earnings (loss) attributable to Hasbro, Inc. per common share $ 0.68 0.68 $ (0.75) (0.75)

Goodwill (Tables)

Goodwill (Tables)6 Months Ended
Jun. 27, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of GoodwillConsumer Products Wizards of the Coast & Digital Gaming Entertainment Total 2021 Balance at December 27, 2020 $ 1,385.7 53.1 2,252.9 $ 3,691.7 Goodwill allocation 199.4 254.2 (453.6) — Foreign exchange translation — 0.4 (0.3) 0.1 Impairment during the period — — (101.8) (101.8) Reclass to assets held-for-sale — — (169.2) (169.2) Balance at June 27, 2021 $ 1,585.1 307.7 1,528.0 $ 3,420.8

Other Comprehensive Earnings _2

Other Comprehensive Earnings (Loss) (Tables)6 Months Ended
Jun. 27, 2021
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Schedule of Other Comprehensive Income (Loss), Tax EffectThe following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarters and six months ended June 27, 2021 and June 28, 2020. Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Other comprehensive earnings (loss), tax effect: Tax benefit on unrealized holding gains $ — $ (0.7) $ — (0.6) Tax expense (benefit) on cash flow hedging activities 0.6 1.4 (0.4) (5.8) Tax benefit on foreign currency translation adjustments — 8.4 — 8.4 Reclassifications to earnings, tax effect: Tax (expense) benefit on cash flow hedging activities (0.2) 1.2 — 1.5 Amortization of unrecognized pension and postretirement amounts (0.1) (0.1) (0.1) (0.2) Total tax effect on other comprehensive earnings (loss) $ 0.3 $ 10.2 $ (0.5) 3.3
Schedule of Accumulated Other Comprehensive Earnings (Loss)Changes in the components of accumulated other comprehensive earnings (loss) for the six months ended June 27, 2021 and June 28, 2020 are as follows: Pension and Gains Unrealized Foreign Total 2021 Balance at December 27, 2020 $ (40.7) (22.1) 0.4 (132.6) (195.0) Current period other comprehensive earnings (loss) 0.4 3.0 0.2 7.9 11.5 Balance at June 27, 2021 $ (40.3) (19.1) 0.6 (124.7) (183.5) 2020 Balance at December 29, 2019 $ (36.2) (5.2) (0.2) (142.6) (184.2) Current period other comprehensive earnings (loss) 0.6 12.4 2.1 (139.0) (123.9) Balance at June 28, 2020 $ (35.6) 7.2 1.9 (281.6) (308.1)

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)6 Months Ended
Jun. 27, 2021
Payables and Accruals [Abstract]
Schedule of Accrued LiabilitiesComponents of accrued liabilities for the periods ended June 27, 2021, June 28, 2020 and December 27, 2020 were as follows: June 27, 2021 June 28, 2020 December 27, 2020 Participations and residuals $ 278.6 $ 335.6 $ 295.6 Royalties 139.4 135.6 229.2 Deferred revenue 174.7 141.7 161.0 Payroll and management incentives 86.9 48.9 132.4 Dividends 93.6 93.2 93.4 Other taxes 57.9 51.7 81.9 Advertising 83.0 53.2 58.6 Severance 37.5 47.2 49.7 Lease liability - Current 44.9 42.4 45.0 Accrued income taxes 42.9 36.7 29.7 Other 357.1 275.2 362.1 Total accrued liabilities (1) $ 1,396.5 $ 1,261.4 $ 1,538.6

Financial Instruments (Tables)

Financial Instruments (Tables)6 Months Ended
Jun. 27, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt InstrumentsThe carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of June 27, 2021, June 28, 2020 and December 27, 2020 are as follows: June 27, 2021 June 28, 2020 December 27, 2020 Carrying Fair Carrying Fair Carrying Fair 3.90% Notes Due 2029 $ 900.0 982.1 $ 900.0 938.1 $ 900.0 1,011.2 3.55% Notes Due 2026 675.0 731.9 675.0 712.2 675.0 752.7 3.00% Notes Due 2024 500.0 530.2 500.0 523.4 500.0 540.6 6.35% Notes Due 2040 500.0 675.2 500.0 579.7 500.0 636.5 3.50% Notes Due 2027 500.0 538.1 500.0 516.0 500.0 544.5 2.60% Notes Due 2022 300.0 308.0 300.0 309.7 300.0 311.5 5.10% Notes Due 2044 300.0 353.0 300.0 304.0 300.0 338.1 3.15% Notes Due 2021 (1) — — 300.0 318.6 300.0 302.3 6.60% Debentures Due 2028 109.9 136.0 109.9 124.5 109.9 137.4 Variable % Notes Due December 30, 2022 (2) 50.0 50.0 400.0 400.0 300.0 300.0 Variable % Notes Due December 30, 2024 562.5 562.5 592.5 592.5 577.5 577.5 Production Financing Facilities 212.6 212.6 142.0 142.0 165.5 165.5 Total long-term debt $ 4,610.0 5,079.6 $ 5,219.4 5,460.7 $ 5,127.9 5,617.8 Less: Deferred debt expenses 31.7 — 38.3 — 35.3 — Less: Current portion 189.6 — 378.6 — 432.6 — Long-term debt $ 4,388.7 5,079.6 $ 4,802.5 5,460.7 $ 4,660.0 5,617.8 (1) During the first quarter of 2021, the Company repaid in full its 3.15% Notes, in the aggregate amount of $300.0 million due in May 2021. (2) During the second quarter of 2021, the Company repaid $250.0 million of the Variable % Notes Due December 30, 2022.
Production Financing LoansThe production financing facilities as of June 27, 2021, June 28, 2020 and December 27, 2020 are as follows: June 27, 2021 June 28, 2020 December 27, 2020 Production financing held by production subsidiaries $ 212.6 $ 142.0 $ 165.5 Other loans (1) — 6.4 5.4 Total $ 212.6 $ 148.4 $ 170.9 Production financing included in the consolidated balance sheet as: Non-current $ 53.0 $ 93.4 $ 62.9 Current 159.6 48.6 102.6 Total $ 212.6 $ 142.0 $ 165.5 (1) Other loans consist of production related demand loans, and are recorded within Short-term Borrowings in the Company's consolidated balance sheets.
Carrying Amount of Currencies for Production Credit FacilitiesThe carrying amounts are denominated in the following currencies: Canadian Dollars U.S. Dollars Total As of June 27, 2021 $ 49.0 $ 163.6 $ 212.6
Schedule of Production and Financing Loan and Other LoansThe following table represents the movements in production financing and other related loans during the first six months of 2021: Production Financing Other Loans Total December 27, 2020 $ 165.5 $ 5.4 $ 170.9 Drawdowns 114.7 16.7 131.4 Repayments (70.0) (23.0) (93.0) Foreign exchange differences 2.4 0.9 3.3 Balance at June 27, 2021 $ 212.6 $ — $ 212.6

Investments in Productions an_2

Investments in Productions and Investments in Acquired Content Rights (Tables)6 Months Ended
Jun. 27, 2021
Other Industries [Abstract]
Schedule of Program Production CostsThe Company's unamortized investments in productions and investments in acquired content rights consisted of the following at June 27, 2021, June 28, 2020, and December 27, 2020: June 27, 2021 June 28, 2020 December 27, 2020 Film and TV Programming Released, net of amortization $ 499.4 $ 346.8 $ 428.0 Completed and not released 17.7 128.1 17.3 In production 220.5 41.4 185.5 Pre-production 73.8 70.4 67.6 811.4 586.7 698.4 Other Programming Released, net of amortization 3.4 12.7 13.7 Completed and not released 0.4 2.9 2.1 In production 6.3 7.0 5.4 Pre-production 1.7 5.5 7.6 11.8 28.1 28.8 Total Program Investments (1) $ 823.2 $ 614.8 $ 727.2 (1) For the six-month period ended June 27, 2021, $8.0 million of investments in productions and investments in acquired content rights of the eOne Music business, which were previously classified within Other Assets, have been transferred to Assets Held for Sale. For additional information, see Note 15.
Program Cost AmortizationThe Company recorded $208.2 million of program cost amortization related to released programming in the six months ended June 27, 2021, consisting of the following: Investment in Production Investment in Content Total Program cost amortization $ 180.7 27.5 $ 208.2

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)6 Months Ended
Jun. 27, 2021
Fair Value Disclosures [Abstract]
Fair Value HierarchyAt June 27, 2021, June 28, 2020 and December 27, 2020, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets (excluding assets for which the fair value is measured using net asset value per share): Fair Value Measurements Using: Fair Quoted Significant Significant June 27, 2021 Assets: Available-for-sale securities $ 2.3 2.3 — — Derivatives 6.8 — 6.8 — Total assets $ 9.1 2.3 6.8 — Liabilities: Derivatives $ 5.7 — 5.7 — Option agreement 21.8 — — 21.8 Total liabilities $ 27.5 — 5.7 21.8 June 28, 2020 Assets: Available-for-sale securities $ 2.7 2.7 — — Derivatives 28.9 — 28.9 — Total assets $ 31.6 2.7 28.9 — Liabilities: Derivatives $ 2.9 — 2.9 — Option agreement 20.7 — — 20.7 Total liabilities $ 23.6 — 2.9 20.7 December 27, 2020 Assets: Available-for-sale securities $ 2.1 2.1 — — Derivatives 4.8 — 4.8 — Total assets $ 6.9 2.1 4.8 — Liabilities: Derivatives $ 12.7 — 12.7 — Option agreement 20.6 — — 20.6 Total Liabilities $ 33.3 — 12.7 20.6
Reconciliation of Level 3 Fair ValueThe following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3): 2021 2020 Balance at beginning of year $ (20.6) $ (22.1) Gain from change in fair value (1.2) 1.5 Balance at end of second quarter $ (21.8) $ (20.6)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)6 Months Ended
Jun. 27, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Cash Flow Hedging InstrumentsAt June 27, 2021, June 28, 2020 and December 27, 2020, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows: June 27, 2021 June 28, 2020 December 27, 2020 Hedged transaction Notional Fair Notional Fair Notional Fair Inventory purchases $ 346.8 (2.0) $ 255.5 20.1 $ 31.8 (10.0) Sales 189.3 0.7 77.3 4.9 11.6 1.4 Production financing and other 201.7 (1.0) 110.6 4.0 89.9 0.3 Total $ 737.8 (2.3) $ 443.4 29.0 $ 133.3 (8.3)
Schedule of Foreign Currency Forward Contracts Designated as Cash Flow HedgesThe fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at June 27, 2021, June 28, 2020 and December 27, 2020 as follows: June 27, June 28, December 27, Prepaid expenses and other current assets Unrealized gains $ 4.3 $ 23.7 $ 2.3 Unrealized losses (3.1) (1.0) (1.6) Net unrealized gains $ 1.2 $ 22.7 $ 0.7 Other assets Unrealized gains $ 2.0 $ 6.3 $ 1.1 Unrealized losses (0.3) — — Net unrealized gains $ 1.7 $ 6.3 $ 1.1 Accrued liabilities Unrealized gains $ 2.7 $ — $ 3.0 Unrealized losses (7.8) — (12.9) Net unrealized losses $ (5.1) $ — $ (9.9) Other liabilities Unrealized gains $ — $ — $ — Unrealized losses (0.1) — (0.2) Net unrealized losses $ (0.1) $ — $ (0.2)
Schedule of Net Gains (Losses) on Cash Flow Hedges ActivitiesNet gains on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters ended June 27, 2021 and June 28, 2020 as follows: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Statements of Operations Classification Cost of sales $ 2.5 $ 5.6 $ 2.3 9.6 Net revenues (0.6) 0.8 (1.3) 1.2 Other (0.2) 0.5 (1.2) 0.5 Net realized gains $ 1.7 $ 6.9 $ (0.2) 11.3
Fair Values of Undesignated Derivative Financial InstrumentsAt June 27, 2021, June 28, 2020 and December 27, 2020, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows: June 27, June 28, December 27, Prepaid expenses and other current assets Unrealized gains $ 4.6 $ — $ 3.5 Unrealized losses (0.7) — (0.5) Net unrealized gains $ 3.9 $ — $ 3.0 Accrued liabilities Unrealized gains $ 0.1 $ 4.5 $ — Unrealized losses (0.6) (7.4) (2.6) Net unrealized losses $ (0.5) $ (2.9) $ (2.6) Total unrealized gains (losses), net $ 3.4 $ (2.9) $ 0.4

Leases (Tables)

Leases (Tables)6 Months Ended
Jun. 27, 2021
Leases [Abstract]
Schedule of Information Related to LeasesInformation related to the Company’s leases for the quarter and six months ended June 27, 2021 and June 28, 2020 are as follows: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13.0 $ 14.0 $ 26.2 25.6 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 4.1 $ 36.2 $ 11.5 100.4 Weighted Average Remaining Lease Term Operating leases 5.8 years 6.4 years 5.8 years 6.4 years Weighted Average Discount Rate Operating leases 3.1 % 3.1 % 3.1 % 3.1 %
Reconciliation of Future Undiscounted Cash FlowsThe following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of June 27, 2021: June 27, 2021 (excluding the six months ended June 27, 2021) $ 25.5 2022 47.3 2023 39.1 2024 28.6 2025 23.3 2026 and thereafter 49.2 Total future lease payments 213.0 Less imputed interest 21.8 Present value of future operating lease payments 191.2 Less current portion of operating lease liabilities (1) 44.9 Non-current operating lease liability (2) 146.3 Operating lease right-of-use assets, net (3) $ 174.5 (1) Included in Accrued liabilities on the consolidated balance sheets. (2) Included in Other liabilities on the consolidated balance sheets. (3) Included in Property, plant, and equipment on the consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)6 Months Ended
Jun. 27, 2021
Segment Reporting [Abstract]
Information by Segment and Reconciliation to Reported AmountsInformation by segment and a reconciliation to reported amounts for the quarters and six months ended June 27, 2021 and June 28, 2020 are as follows: Quarter Ended June 27, 2021 June 28, 2020 Net revenues External Affiliate (b) External Affiliate (b) Consumer Products $ 689.2 $ (96.9) $ 519.5 $ (103.1) Wizards of the Coast & Digital Gaming 406.3 (29.7) 186.7 (17.9) Entertainment 226.7 (12.6) 154.1 (0.8) Corporate and Other (b) — 139.2 — 121.8 $ 1,322.2 $ — $ 860.3 $ — Six Months Ended June 27, 2021 June 28, 2020 Net revenues External Affiliate (b) External Affiliate (b) Consumer Products $ 1,343.1 $ (167.2) $ 1,092.0 $ (158.7) Wizards of the Coast & Digital Gaming 648.5 (55.1) 397.3 (33.0) Entertainment 445.4 (26.7) 476.6 (1.7) Corporate and Other (b) — 249.0 — 193.4 $ 2,437.0 $ — $ 1,965.9 $ —
Operating Profit (Loss) by SegmentQuarter Ended Six Months Ended Operating profit (loss) June 27, June 28, June 27, June 28, Consumer Products $ 17.8 $ (45.3) $ 50.1 $ (55.0) Wizards of the Coast & Digital Gaming 192.9 74.1 302.9 169.9 Entertainment (113.7) (13.5) (96.7) (77.8) Corporate and Other (b) (20.4) (13.1) (32.4) (58.2) $ 76.6 $ 2.2 $ 223.9 $ (21.1)
Total Assets by SegmentTotal assets June 27, June 28, December 27, Consumer Products (a) $ 3,508.7 $ 5,432.1 $ 5,552.5 Wizards of the Coast & Digital Gaming 745.8 790.9 585.7 Entertainment 6,124.4 6,167.9 6,003.0 Corporate and Other (b) (276.7) (2,168.8) (1,322.9) $ 10,102.2 $ 10,222.1 $ 10,818.3 (a) During the second quarter of 2021, the Company adjusted certain inter-segment balance sheet amounts which impacted the Consumer Products and Corporate and Other total asset values. These adjustments did not impact the Company's total assets. (b) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain expenses related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Corporate and Other also includes the elimination of inter-company balance sheet amounts.
Schedule of Net Revenues by Major Geographic RegionThe following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters and six months ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, North America $ 391.4 $ 283.0 $ 754.1 $ 604.8 Europe 176.5 141.9 365.0 298.6 Asia Pacific 68.4 60.7 133.2 118.9 Latin America 52.9 33.9 90.8 69.7 Net revenues $ 689.2 $ 519.5 $ 1,343.1 $ 1,092.0
Schedules of Net Revenues by CategoryThe following table represents consolidated Entertainment segment net revenues by category for the quarters and six months ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Film and TV $ 164.3 $ 108.9 $ 330.7 $ 372.9 Family Brands 26.1 18.8 44.9 44.7 Music and Other 36.3 26.4 69.8 59.0 Net revenues $ 226.7 $ 154.1 $ 445.4 $ 476.6 The following table presents consolidated net revenues by brand and entertainment portfolio for the quarters ended June 27, 2021 and June 28, 2020: Quarter Ended Six Months Ended June 27, June 28, June 27, June 28, Franchise Brands $ 649.9 $ 376.9 $ 1,141.4 $ 773.4 Partner Brands 212.0 138.3 400.0 320.6 Hasbro Gaming (1) 147.1 137.0 283.4 277.1 Emerging Brands 117.0 75.9 221.7 170.1 Entertainment 196.2 132.2 390.5 424.7 Total $ 1,322.2 $ 860.3 $ 2,437.0 $ 1,965.9

Assets and Liabilities Held f_2

Assets and Liabilities Held for Sale and Subsequent Closing of Music Sale (Tables)6 Months Ended
Jun. 27, 2021
Discontinued Operations and Disposal Groups [Abstract]
Major Classes of Assets and Liabilities Held for SaleThe following table presents the carrying amounts of the major classes of eOne Music assets and liabilities as of June 27, 2021. June 27, Cash and Cash Equivalents $ 18.2 Goodwill and Other Intangible Assets 410.3 Prepaid Expenses 31.0 Other Assets 20.0 Total Assets 479.5 Accrued Liabilities 24.4 Deferred Taxes 36.9 Other Liabilities 15.0 Total Liabilities $ 76.3

Restructuring Actions (Tables)

Restructuring Actions (Tables)6 Months Ended
Jun. 27, 2021
Restructuring Charges [Abstract]
Schedule of Restructuring and Related CostsThe detail of activity related to the programs for the six months ended June 27, 2021 is as follows: 2018 Restructuring & 2020 Commercial Program eOne Integration Program Other Total Remaining amounts to be paid as of December 27, 2020 $ 17.3 16.9 0.8 $ 35.0 Payments made in the first six months of 2021 (4.8) (7.6) — (12.4) Remaining amounts as of June 27, 2021 $ 12.5 9.3 0.8 $ 22.6

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions3 Months Ended
Mar. 28, 2021USD ($)
Accounting Policies [Abstract]
Gain from litigation settlement $ 25.6

Revenue Recognition - Contract

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Contract assets - current $ 257.9 $ 284.4 $ 252.9
Contract assets - long term72.6 77 108.5
Total330.5 361.4 361.4
Contract liabilities - current174.7 161 141.7
Contract liabilities - long term21.3 18.2 23.5
Total196 $ 179.2 $ 165.2
Contract assets transferred29
Contract liabilities transferred $ 4

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions6 Months Ended
Jun. 27, 2021USD ($)brand_category
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount $ 512.2
Number of brand categories | brand_category5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-06-28
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount $ 363.5
Revenue, remaining performance obligation, period6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-27
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount $ 122.9
Revenue, remaining performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-26
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, amount $ 19.8
Revenue, remaining performance obligation, period1 year
eOne
Disaggregation of Revenue [Line Items]
Contract assets recognized $ 80.8
Revenue recognized $ 77.6

Business Combination - Narrativ

Business Combination - Narrative (Details) - USD ($) $ / shares in Units, shares in MillionsDec. 30, 2019Nov. 30, 2019Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020Dec. 27, 2020
Business Acquisition [Line Items]
Goodwill $ 3,420,800,000 $ 3,666,000,000 $ 3,420,800,000 $ 3,666,000,000 $ 3,691,700,000
Acquisition and related costs0 10,300,000 0 160,100,000
Severance expense11,500,000
Entertainment
Business Acquisition [Line Items]
Goodwill1,528,000,000 1,528,000,000 2,252,900,000
Senior Notes | Senior Unsecured Notes
Business Acquisition [Line Items]
Aggregate principal amount $ 2,400,000,000
eOne
Business Acquisition [Line Items]
Aggregate purchase price $ 4,600,000,000
Cash consideration for shares outstanding3,800,000,000
Aggregate purchase price, extinguishment of debt800,000,000
Shares issued as consideration (in shares)10.6
Shares issued for acquisition, value $ 975,200,000
Amortization expense of intangibles $ 21,800,000 22,600,000 $ 46,700,000 47,600,000
Goodwill3,200,000,000
Integration related costs4,000,000 99,700,000
Integration related costs, acceleration of stock-based compensation47,400,000
Integration related costs, advisor fees38,200,000
Restructuring and related cost6,300,000 60,400,000
Severance expense $ 6,300,000 19,500,000 $ 32,500,000
Asset impairments40,900,000
eOne | Entertainment
Business Acquisition [Line Items]
Acquisition and related costs $ 98,500,000
eOne | Films and Television Programs
Business Acquisition [Line Items]
Investments in productions and content $ 564,800,000
eOne | Titles
Business Acquisition [Line Items]
Threshold years for amortization method3 years
eOne | Minimum | Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible asset useful life7 years
eOne | Maximum | Trademarks and Trade Names
Business Acquisition [Line Items]
Intangible asset useful life15 years
eOne | Maximum | Titles Over 3 Years Old
Business Acquisition [Line Items]
Intangible asset useful life10 years
eOne | Unsecured Committed
Business Acquisition [Line Items]
Cash consideration per share (in dollars and GBP per share) $ 95
Term loans proceeds which financed acquisition $ 1,000,000,000
eOne | Senior Notes | Senior Unsecured Notes
Business Acquisition [Line Items]
Aggregate principal amount $ 2,400,000,000

Business Combination - Schedule

Business Combination - Schedule of Intangible Assets Acquired (Details) - eOne $ in MillionsDec. 30, 2019USD ($)
Business Acquisition [Line Items]
Weighted average amortization period11 years
Fair Value $ 1,056
Established brands
Business Acquisition [Line Items]
Weighted average amortization period10 years
Fair Value $ 615
Trade names
Business Acquisition [Line Items]
Weighted average amortization period15 years
Fair Value $ 100
Artist relationships
Business Acquisition [Line Items]
Weighted average amortization period14 years
Fair Value $ 100
Music catalogs
Business Acquisition [Line Items]
Weighted average amortization period12 years
Fair Value $ 120
Other
Business Acquisition [Line Items]
Weighted average amortization period8 years
Fair Value $ 121

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Basic
Net earnings (loss) attributable to Hasbro, Inc. $ (22.9) $ (33.9) $ 93.3 $ (103.6)
Average shares outstanding, basic (in shares)137.8 137.2 137.8 137.2
Net earnings per common share, basic (in dollars per share) $ (0.17) $ (0.25) $ 0.68 $ (0.75)
Diluted
Net earnings (loss) attributable to Hasbro, Inc. $ (22.9) $ (33.9) $ 93.3 $ (103.6)
Effect of dilutive securities:
Average shares outstanding, basic (in shares)137.8 137.2 137.8 137.2
Options and other share-based awards (in shares)0 0 0.4 0
Equivalent Shares (in shares)137.8 137.2 138.2 137.2
Net earnings per common share, diluted (in dollars per share) $ (0.17) $ (0.25) $ 0.68 $ (0.75)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, shares would have been included if no net loss (in shares)2.5 0.6 0.9
Antidilutive securities excluded from computation of earnings per share, amount, treasury stock method0.4 0.1 0.3
Employee stock option and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)4.6 4 2.2 4

Goodwill - Narrative (Details)

Goodwill - Narrative (Details) $ in MillionsApr. 25, 2021USD ($)Jun. 27, 2021USD ($)segmentJun. 28, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments | segment3
Goodwill [Line Items]
Impairment during the period $ 101.8 $ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | eOne Music
Goodwill [Line Items]
Aggregate sales price $ 385
Impairment during the period $ 101.8

Goodwill - Schedule of Goodwill

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Jun. 28, 2020
Goodwill [Roll Forward]
Beginning balance $ 3,691.7
Goodwill allocation0
Foreign exchange translation0.1
Impairment during the period(101.8) $ 0
Reclass to assets held-for-sale(169.2)
Ending balance3,420.8 $ 3,666
Consumer Products
Goodwill [Roll Forward]
Beginning balance1,385.7
Goodwill allocation199.4
Foreign exchange translation0
Impairment during the period0
Reclass to assets held-for-sale0
Ending balance1,585.1
Wizards of the Coast & Digital Gaming
Goodwill [Roll Forward]
Beginning balance53.1
Goodwill allocation254.2
Foreign exchange translation0.4
Impairment during the period0
Reclass to assets held-for-sale0
Ending balance307.7
Entertainment
Goodwill [Roll Forward]
Beginning balance2,252.9
Goodwill allocation(453.6)
Foreign exchange translation(0.3)
Impairment during the period(101.8)
Reclass to assets held-for-sale(169.2)
Ending balance $ 1,528

Other Comprehensive Earnings _3

Other Comprehensive Earnings (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Other comprehensive earnings (loss), tax effect:
Tax benefit on unrealized holding gains $ 0 $ (0.7) $ 0 $ (0.6)
Tax expense (benefit) on cash flow hedging activities0.6 1.4 (0.4)(5.8)
Tax benefit on foreign currency translation adjustments0 8.4 0 8.4
Reclassifications to earnings, tax effect:
Tax (expense) benefit on cash flow hedging activities(0.2)1.2 0 1.5
Amortization of unrecognized pension and postretirement amounts(0.1)(0.1)(0.1)(0.2)
Total tax effect on other comprehensive earnings (loss) $ 0.3 $ 10.2 $ (0.5) $ 3.3

Other Comprehensive Earnings _4

Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance $ 2,959.9 $ 2,764.5 $ 2,936.7 $ 2,995.5
Current period other comprehensive earnings (loss)22.9 (13.3)11.5 (123.9)
Ending balance2,890.4 2,642.2 2,890.4 2,642.2
Pension and Postretirement Amounts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(40.7)(36.2)
Current period other comprehensive earnings (loss)0.4 0.6
Ending balance(40.3)(35.6)(40.3)(35.6)
Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(22.1)(5.2)
Current period other comprehensive earnings (loss)3 12.4
Ending balance(19.1)7.2 (19.1)7.2
Unrealized Holding Gains (Losses) on Available- for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance0.4 (0.2)
Current period other comprehensive earnings (loss)0.2 2.1
Ending balance0.6 1.9 0.6 1.9
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(132.6)(142.6)
Current period other comprehensive earnings (loss)7.9 (139)
Ending balance(124.7)(281.6)(124.7)(281.6)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance(206.4)(294.8)(195)(184.2)
Current period other comprehensive earnings (loss)22.9 (13.3)11.5 (123.9)
Ending balance $ (183.5) $ (308.1) $ (183.5) $ (308.1)

Other Comprehensive Earnings _5

Other Comprehensive Earnings (Loss) - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020Dec. 27, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss $ (183.5) $ (308.1) $ (183.5) $ (308.1) $ (195)
Deferred losses reclassified from AOCE to net earnings46.1 49.6 94 104.3
Net losses expected to be reclassified within next 12 months4.6
3.15% Notes Due 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Debt stated interest rate3.15%
Aggregate principal amount $ 300 $ 300 $ 300
5.10% Notes Due 2044
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Debt stated interest rate5.10%5.10%
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Foreign Exchange Forward
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss $ 3.2 $ 3.2
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss15.9 15.9
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Deferred losses reclassified from AOCE to net earnings $ 0.3 $ 0.5 $ 0.8 $ 0.9

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Payables and Accruals [Abstract]
Participations and residuals $ 278.6 $ 295.6 $ 335.6
Royalties139.4 229.2 135.6
Deferred revenue174.7 161 141.7
Payroll and management incentives86.9 132.4 48.9
Dividends93.6 93.4 93.2
Other taxes57.9 81.9 51.7
Advertising83 58.6 53.2
Severance37.5 49.7 47.2
Lease liability - Current44.9 45 42.4
Accrued income taxes42.9 29.7 36.7
Other357.1 362.1 275.2
Accrued liabilities1,396.5 $ 1,538.6 $ 1,261.4
Accrued liabilities transferred to Liabilities Held for Sale $ 24.4

Financial Instruments - Long-te

Financial Instruments - Long-term Debt Instruments (Details) - USD ($) $ in Millions3 Months Ended
Jun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Debt Instrument [Line Items]
Carrying Cost $ 4,610 $ 5,127.9 $ 5,219.4
Less: Deferred debt expenses31.7 35.3 38.3
Current portion of long-term debt189.6 432.6 378.6
Long-term debt, carrying cost4,388.7 4,660 4,802.5
Fair Value5,079.6 5,617.8 5,460.7
Long-term debt, fair value $ 5,079.6 5,617.8 5,460.7
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate3.90%
Carrying Cost $ 900 900 900
Fair Value $ 982.1 1,011.2 938.1
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate3.55%
Carrying Cost $ 675 675 675
Fair Value $ 731.9 752.7 712.2
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate3.00%
Carrying Cost $ 500 500 500
Fair Value $ 530.2 540.6 523.4
6.35% Notes Due 2040
Debt Instrument [Line Items]
Debt stated interest rate6.35%
Carrying Cost $ 500 500 500
Fair Value $ 675.2 636.5 579.7
3.50% Notes Due 2027
Debt Instrument [Line Items]
Debt stated interest rate3.50%
Carrying Cost $ 500 500 500
Fair Value $ 538.1 544.5 516
2.60% Notes Due 2022
Debt Instrument [Line Items]
Debt stated interest rate2.60%
Carrying Cost $ 300 300 300
Fair Value $ 308 311.5 309.7
5.10% Notes Due 2044
Debt Instrument [Line Items]
Debt stated interest rate5.10%
Carrying Cost $ 300 300 300
Fair Value353 $ 338.1 304
3.15% Notes Due 2021
Debt Instrument [Line Items]
Debt stated interest rate3.15%
Carrying Cost0 $ 300 300
Fair Value0 302.3 318.6
Aggregate principal amount $ 300 300
6.60% Debentures Due 2028
Debt Instrument [Line Items]
Debt stated interest rate6.60%
Carrying Cost $ 109.9 109.9 109.9
Fair Value136 137.4 124.5
Variable % Notes Due December 30, 2022
Debt Instrument [Line Items]
Carrying Cost50 300 400
Fair Value50 300 400
Repayments of debt250
Variable % Notes Due December 30, 2024
Debt Instrument [Line Items]
Carrying Cost562.5 577.5 592.5
Fair Value562.5 577.5 592.5
Production Financing Facilities
Debt Instrument [Line Items]
Carrying Cost212.6 165.5 142
Fair Value $ 212.6 $ 165.5 $ 142

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($)1 Months Ended6 Months Ended
Nov. 30, 2019Sep. 30, 2019Jun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Debt Instrument [Line Items]
Current portion of long-term debt $ 189,600,000 $ 432,600,000 $ 378,600,000
Production financing facilities, term (less than)2 years
Production financing loan, weighted average interest rate3.00%
Minimum
Debt Instrument [Line Items]
Term of loan facility3 years
3.50% Notes Due 2027
Debt Instrument [Line Items]
Redemption price (as a percent)100.00%
Senior Unsecured Notes | Minimum
Debt Instrument [Line Items]
Upward adjustment if credit rating is reduced (as a percent)0.25%
Senior Unsecured Notes | Maximum
Debt Instrument [Line Items]
Term of loan facility10 years
Upward adjustment if credit rating is reduced (as a percent)2.00%
Senior Unsecured Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount $ 2,400,000,000
Underwriting discount and fees20,000,000
Net proceeds after deduction of underwriting discount and fees2,400,000,000
2.60% Notes Due 2022
Debt Instrument [Line Items]
Debt stated interest rate2.60%
2.60% Notes Due 2022 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount $ 300,000,000
Debt stated interest rate2.60%
2.60% Notes Due 2022 | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.15%
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate3.00%
3.00% Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount $ 500,000,000
Debt stated interest rate3.00%
3.00% Notes Due 2024 | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.25%
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate3.55%
3.55% Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount $ 675,000,000
Debt stated interest rate3.55%
3.55% Notes Due 2026 | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.30%
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate3.90%
3.90% Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount $ 900,000,000
Debt stated interest rate3.90%
3.90% Notes Due 2029 | Senior Notes | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.35%
Term Loan Agreement | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount $ 1,000,000,000
Consolidated interest coverage ratio3
Consolidated total leverage ratio3.50
Repayments of unsecured debt $ 265,000,000
Term Loan Agreement | Unsecured Debt | Minimum
Debt Instrument [Line Items]
Consolidated total leverage ratio5.40
Term Loan Agreement | Unsecured Debt | Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio5.65
Three-Year Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount $ 400,000,000
Term of loan facility3 years
Repayments of unsecured debt250,000,000
Three-Year Term Loan Facility | Unsecured Debt | Minimum | Eurocurrency Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.875%
Three-Year Term Loan Facility | Unsecured Debt | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.00%
Three-Year Term Loan Facility | Unsecured Debt | Maximum | Eurocurrency Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)1.75%
Three-Year Term Loan Facility | Unsecured Debt | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.75%
Five-Year Term Loan Facility | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount $ 600,000,000
Term of loan facility5 years
Repayments of unsecured debt $ 15,000,000
Five-Year Term Loan Facility | Unsecured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt stated interest rate5.00%
Term of loan facility2 years
Five-Year Term Loan Facility | Unsecured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt stated interest rate10.00%
Five-Year Term Loan Facility | Unsecured Debt | Minimum | Eurocurrency Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)1.00%
Five-Year Term Loan Facility | Unsecured Debt | Minimum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.00%
Five-Year Term Loan Facility | Unsecured Debt | Maximum | Eurocurrency Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)1.875%
Five-Year Term Loan Facility | Unsecured Debt | Maximum | Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)0.875%

Financial Instruments - Product

Financial Instruments - Production Financing Loans (Details) - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Debt Disclosure [Abstract]
Production financing held by production subsidiaries $ 212.6 $ 165.5 $ 142
Other loans0 5.4 6.4
Total212.6 170.9 148.4
Non-current53 62.9 93.4
Current159.6 102.6 48.6
Total $ 212.6 $ 165.5 $ 142

Financial Instruments - Schedul

Financial Instruments - Schedule of Line of Credit Facilities (Details) $ in Millions, $ in MillionsJun. 27, 2021CAD ($)Jun. 27, 2021USD ($)Dec. 27, 2020USD ($)
Line of Credit Facility [Line Items]
Production financing loan and other loans $ 212.6 $ 170.9
CANADA
Line of Credit Facility [Line Items]
Production financing loan and other loans $ 49
U.S.
Line of Credit Facility [Line Items]
Production financing loan and other loans163.6
U.S. Dollars and Canadian Dollars
Line of Credit Facility [Line Items]
Production financing loan and other loans $ 212.6

Financial Instruments - Sched_2

Financial Instruments - Schedule of Production Financing Loan and Other Loans (Details) $ in Millions6 Months Ended
Jun. 27, 2021USD ($)
Production Financing
Production financing loans, beginning balance $ 165.5
Drawdowns114.7
Repayments(70)
Foreign exchange differences2.4
Production financing loans, ending balance212.6
Other Loans
Other loans, beginning balance5.4
Drawdowns16.7
Repayments(23)
Foreign exchange differences0.9
Other loans, ending balance0
Production financing loan and other loans, beginning balance170.9
Drawdowns131.4
Repayments(93)
Foreign exchange differences3.3
Production financing loan and other loans, ending balance $ 212.6

Investments in Productions an_3

Investments in Productions and Investments in Acquired Content Rights - Program Production Costs (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Film and TV Programming
Released, net of amortization $ 499.4 $ 428 $ 346.8
Completed and not released17.7 17.3 128.1
In production220.5 185.5 41.4
Pre-production73.8 67.6 70.4
Total film costs811.4 698.4 586.7
Other Programming
Released, net of amortization3.4 13.7 12.7
Completed and not released0.4 2.1 2.9
In production6.3 5.4 7
Pre-production1.7 7.6 5.5
Other programming costs11.8 28.8 28.1
Total Program Investments823.2 $ 727.2 $ 614.8
Investments in productions and investments in acquired content rights transferred to Assets Held for Sale $ 8

Investments in Productions an_4

Investments in Productions and Investments in Acquired Content Rights - Program Costs Amortization (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Product Information [Line Items]
Program cost amortization $ 110.7 $ 50.6 $ 208.2 $ 182.8
eOne
Product Information [Line Items]
Program cost amortization208.2
eOne | Production Investment
Product Information [Line Items]
Program cost amortization180.7
eOne | Content Investment
Product Information [Line Items]
Program cost amortization $ 27.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Jun. 28, 2020
Income Tax Contingency [Line Items]
Effective income tax rate43.90%12.90%
Discrete income tax expense (benefit) $ 17.4 $ (24)
eOne
Income Tax Contingency [Line Items]
Discrete income tax expense (benefit) $ (24.1)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Narrative (Details) $ in Millions3 Months Ended6 Months Ended
Jun. 28, 2020USD ($)Jun. 28, 2020USD ($)Jun. 27, 2021company
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Loss on available for sale investments, fair value option $ (0.8) $ (1.2)
Number of companies quoted on an active public market | company1
Fair Value, Recurring
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Available-for-sale investments, elected fair value option $ 12.8 $ 12.8

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Assets:
Available-for-sale securities $ 2.3 $ 2.1 $ 2.7
Derivatives6.8 4.8 28.9
Total assets9.1 6.9 31.6
Liabilities:
Derivatives5.7 12.7 2.9
Option agreement21.8 20.6 20.7
Total liabilities27.5 33.3 23.6
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale securities2.3 2.1 2.7
Derivatives0 0 0
Total assets2.3 2.1 2.7
Liabilities:
Derivatives0 0 0
Option agreement0 0 0
Total liabilities0 0 0
Significant Other Observable Inputs (Level 2)
Assets:
Available-for-sale securities0 0 0
Derivatives6.8 4.8 28.9
Total assets6.8 4.8 28.9
Liabilities:
Derivatives5.7 12.7 2.9
Option agreement0 0 0
Total liabilities5.7 12.7 2.9
Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities0 0 0
Derivatives0 0 0
Total assets0 0 0
Liabilities:
Derivatives0 0 0
Option agreement21.8 20.6 20.7
Total liabilities $ 21.8 $ 20.6 $ 20.7

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliation of Level 3 Fair value (Details) - USD ($) $ in Millions6 Months Ended
Jun. 27, 2021Jun. 28, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year $ (20.6) $ (22.1)
Gain from change in fair value(1.2)1.5
Balance at end of second quarter $ (21.8) $ (20.6)

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Cash Flow Hedging Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Derivative [Line Items]
Notional Amount $ 737.8 $ 133.3 $ 443.4
Fair Value(2.3)(8.3)29
Inventory purchases
Derivative [Line Items]
Notional Amount346.8 31.8 255.5
Fair Value(2)(10)20.1
Sales
Derivative [Line Items]
Notional Amount189.3 11.6 77.3
Fair Value0.7 1.4 4.9
Production financing and other
Derivative [Line Items]
Notional Amount201.7 89.9 110.6
Fair Value $ (1) $ 0.3 $ 4

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Derivatives, Fair Value [Line Items]
Net unrealized gains $ (2.3) $ (8.3) $ 29
Foreign Exchange Forward | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains4.3 2.3 23.7
Unrealized losses(3.1)(1.6)(1)
Net unrealized gains1.2 0.7 22.7
Foreign Exchange Forward | Other assets
Derivatives, Fair Value [Line Items]
Unrealized gains2 1.1 6.3
Unrealized losses(0.3)0 0
Net unrealized gains1.7 1.1 6.3
Foreign Exchange Forward | Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains2.7 3 0
Unrealized losses(7.8)(12.9)0
Net unrealized gains(5.1)(9.9)0
Foreign Exchange Forward | Other liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains0 0 0
Unrealized losses(0.1)(0.2)0
Net unrealized gains $ (0.1) $ (0.2) $ 0

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Net Gains (Losses) on Cash Flow Hedges Activities (Details) - Foreign Exchange Forward - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive earnings (loss), before tax $ 1.7 $ 6.9 $ (0.2) $ 11.3
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive earnings (loss), before tax2.5 5.6 2.3 9.6
Net revenues
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive earnings (loss), before tax(0.6)0.8 (1.3)1.2
Other
Derivative Instruments, Gain (Loss) [Line Items]
Other comprehensive earnings (loss), before tax $ (0.2) $ 0.5 $ (1.2) $ 0.5

Derivative Financial Instrume_6

Derivative Financial Instruments - Narrative (Details) - Foreign Exchange Forward - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020Dec. 27, 2020
Fair Value Hedging
Derivative [Line Items]
Net gains (losses) on derivative $ 5.4 $ (15.7) $ (0.7) $ (13.2)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount $ 573 $ 436.6 $ 573 $ 436.6 $ 590.6

Derivative Financial Instrume_7

Derivative Financial Instruments - Fair Values of Undesignated Derivative Financial Instruments (Details) - Foreign Exchange Forward - Not Designated as Hedging Instrument - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Derivatives, Fair Value [Line Items]
Net unrealized gains $ 3.4 $ 0.4 $ (2.9)
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains4.6 3.5 0
Unrealized losses(0.7)(0.5)0
Net unrealized gains3.9 3 0
Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains0.1 0 4.5
Unrealized losses(0.6)(2.6)(7.4)
Net unrealized gains $ (0.5) $ (2.6) $ (2.9)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense $ 22.5 $ 22.4 $ 44.3 $ 45.3
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms1 year1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms18 years18 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Leases [Abstract]
Operating cash flows from operating leases $ 13 $ 14 $ 26.2 $ 25.6
Right-of-use assets obtained in exchange for lease obligations, operating leases $ 4.1 $ 36.2 $ 11.5 $ 100.4
Weighted average remaining lease term, operating leases5 years 9 months 18 days6 years 4 months 24 days5 years 9 months 18 days6 years 4 months 24 days
Weighted average discount rate, operating lease3.10%3.10%3.10%3.10%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in MillionsJun. 27, 2021USD ($)
Leases [Abstract]
2021 (excluding the six months ended June 27, 2021) $ 25.5
202247.3
202339.1
202428.6
202523.3
2026 and thereafter49.2
Total future lease payments213
Less imputed interest21.8
Present value of future operating lease payments191.2
Less current portion of operating lease liabilities44.9
Non-current operating lease liability146.3
Operating lease right-of-use assets, net $ 174.5

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)6 Months Ended
Jun. 27, 2021segment
Segment Reporting [Abstract]
Number of reportable segments3

Segment Reporting - Net Revenue

Segment Reporting - Net Revenues by Segment (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues $ 1,322.2 $ 860.3 $ 2,437 $ 1,965.9
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues139.2 121.8 249 193.4
Consumer Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues689.2 519.5 1,343.1 1,092
Consumer Products | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues689.2 519.5 1,343.1 1,092
Consumer Products | Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues(96.9)(103.1)(167.2)(158.7)
Wizards of the Coast & Digital Gaming | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues406.3 186.7 648.5 397.3
Wizards of the Coast & Digital Gaming | Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues(29.7)(17.9)(55.1)(33)
Entertainment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues226.7 154.1 445.4 476.6
Entertainment | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues226.7 154.1 445.4 476.6
Entertainment | Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues $ (12.6) $ (0.8) $ (26.7) $ (1.7)

Segment Reporting - Operating P

Segment Reporting - Operating Profit (Loss) by Segments (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss) $ 76.6 $ 2.2 $ 223.9 $ (21.1)
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)(20.4)(13.1)(32.4)(58.2)
Consumer Products | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)17.8 (45.3)50.1 (55)
Wizards of the Coast & Digital Gaming | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)192.9 74.1 302.9 169.9
Entertainment | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss) $ (113.7) $ (13.5) $ (96.7) $ (77.8)

Segment Reporting - Total Asset

Segment Reporting - Total Assets by Segments (Details) - USD ($) $ in MillionsJun. 27, 2021Dec. 27, 2020Jun. 28, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Assets $ 10,102.2 $ 10,818.3 $ 10,222.1
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets(276.7)(1,322.9)(2,168.8)
Consumer Products | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets3,508.7 5,552.5 5,432.1
Wizards of the Coast & Digital Gaming | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets745.8 585.7 790.9
Entertainment | Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets $ 6,124.4 $ 6,003 $ 6,167.9

Segment Reporting - Schedule of

Segment Reporting - Schedule of International Segment Net Revenues by Major Geographic Region (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues $ 1,322.2 $ 860.3 $ 2,437 $ 1,965.9
Consumer Products
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues689.2 519.5 1,343.1 1,092
Consumer Products | North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues391.4 283 754.1 604.8
Consumer Products | Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues176.5 141.9 365 298.6
Consumer Products | Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues68.4 60.7 133.2 118.9
Consumer Products | Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues $ 52.9 $ 33.9 $ 90.8 $ 69.7

Segment Reporting - Net Reven_2

Segment Reporting - Net Revenues by Brand and Entertainment Segment (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Jun. 27, 2021Jun. 28, 2020Jun. 27, 2021Jun. 28, 2020
Revenue from External Customer [Line Items]
Net revenues $ 1,322.2 $ 860.3 $ 2,437 $ 1,965.9
Franchise Brands
Revenue from External Customer [Line Items]
Net revenues649.9 376.9 1,141.4 773.4
Partner Brands
Revenue from External Customer [Line Items]
Net revenues212 138.3 400 320.6
Hasbro Gaming
Revenue from External Customer [Line Items]
Net revenues147.1 137 283.4 277.1
Emerging Brands
Revenue from External Customer [Line Items]
Net revenues117 75.9 221.7 170.1
Entertainment
Revenue from External Customer [Line Items]
Net revenues196.2 132.2 390.5 424.7
Gaming including Magic the Gathering and Monopoly
Revenue from External Customer [Line Items]
Net revenues519.4 319 884.7 659.5
Entertainment
Revenue from External Customer [Line Items]
Net revenues226.7 154.1 445.4 476.6
Entertainment | Film & TV
Revenue from External Customer [Line Items]
Net revenues164.3 108.9 330.7 372.9
Entertainment | Family Brands
Revenue from External Customer [Line Items]
Net revenues26.1 18.8 44.9 44.7
Entertainment | Music and Other
Revenue from External Customer [Line Items]
Net revenues $ 36.3 $ 26.4 $ 69.8 $ 59

Assets and Liabilities Held f_3

Assets and Liabilities Held for Sale and Subsequent Closing of Music Sale - Narrative (Details) - USD ($) $ in MillionsJun. 29, 2021Apr. 25, 2021Jul. 28, 2021Jun. 27, 2021Jun. 27, 2021Jun. 28, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on assets held for sale $ 101.8 $ 0
Variable % Notes Due December 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt $ 250
Subsequent Event | Variable % Notes Due December 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt $ 100
eOne Music | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales price $ 385
Loss on assets held for sale $ 101.8
Pre-tax cash transaction expenses $ 9.5
eOne Music | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business $ 397

Assets and Liabilities Held f_4

Assets and Liabilities Held for Sale and Subsequent Closing of Music Sale - Major Classes of Assets and Liabilities Held for Sale (Details) - eOne Music - Disposal Group, Held-for-sale, Not Discontinued Operations $ in MillionsJun. 27, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents $ 18.2
Goodwill and Other Intangible Assets410.3
Prepaid Expenses31
Other Assets20
Total Assets479.5
Accrued Liabilities24.4
Deferred Taxes36.9
Other Liabilities15
Total Liabilities $ 76.3

Restructuring Actions - Narrati

Restructuring Actions - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended12 Months Ended
Jun. 28, 2020Jun. 28, 2020Dec. 27, 2020
Restructuring Cost and Reserve [Line Items]
Pre-tax severance expense $ 11.5
eOne
Restructuring Cost and Reserve [Line Items]
Pre-tax severance expense $ 6.3 $ 19.5 $ 32.5

Restructuring Actions - Schedul

Restructuring Actions - Schedule of Restructuring and Related Costs (Details) $ in Millions6 Months Ended
Jun. 27, 2021USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance $ 35
Payments made in the first six months of 2021(12.4)
Ending balance22.6
2018 Restructuring & 2020 Commercial Program
Restructuring Reserve [Roll Forward]
Beginning balance17.3
Payments made in the first six months of 2021(4.8)
Ending balance12.5
eOne Integration Program
Restructuring Reserve [Roll Forward]
Beginning balance16.9
Payments made in the first six months of 2021(7.6)
Ending balance9.3
Other
Restructuring Reserve [Roll Forward]
Beginning balance0.8
Payments made in the first six months of 20210
Ending balance $ 0.8